Disclaimer: You must own a valid Windows 98 license key to legally use these images. These are for preservation and hobbyist use.
The easiest way is to download a community-maintained image from the Internet Archive. Search for "Windows 98 SE (Updated) QEMU QCOW2 Image" (updated as of 2024/2025).
When downloading, look for these file indicators: windows 98 qcow2 updated
Top sources:
Windows 98 natively supports only up to 137GB. Using a larger virtual drive can cause corruption. Disclaimer: You must own a valid Windows 98
qemu-system-x86_64 \
-accel kvm \
-cpu host \
-m 512 \
-hda win98_updated.qcow2 \
-soundhw sb16 \
-device ne2k_pci,netdev=net0 \
-netdev user,id=net0 \
-vga std \
-usb \
-device usb-tablet
Mount your Windows 98 SE ISO. Boot. Install. It will be slow and ugly.
qemu-img convert -c -O qcow2 win98.qcow2 win98-compressed.qcow2
If you want, I can produce:
(Note: Windows 98 requires legacy drivers; include driver ISOs when prompted during install.)