Cloud computing, an emerging computing paradigm, has been widely considered due to its high scalability and availability. An essential stage of cloud computing is the cloud virtual machine migration technology. Nevertheless, the current trigger timing of virtual machine migration in cloud data centers is inaccurate, resulting in insufficient virtual machine consolidation. Furthermore, the high and low workload fluctuations are also a potential symmetrical problem worthy of attention. This paper proposes a virtual machine energy-saving merging method based on a three-way decision (ESMM-3WD). Firstly, we need to calculate the load fluctuation of the physical machine and divide the load fluctuation into three parts. Furthermore, the corresponding mathematical model predicts the load according to the different classification categories. Then, the predicted load value is used to dynamically adjust the threshold to improve the virtual machine merge probability. Finally, the simulation experiment is carried out on the cloud computing simulation platform cloudsim plus. The experimental results show that the virtual machine energy-saving merging method based on the three-way decision proposed in this paper can better reduce the number of migrations, increase the number of physical machines shut down, better improve the probability of virtual machine merger, and achieve the purpose of reducing the energy consumption of the data center.