If you want to run Hyper-V on newer Windows operating systems (Like Windows 8 or Windows Server 2016), your processor must support SLAT or Second level address translation.
What is SLAT?
SLAT is a technology which was introduced in both Intel and AMD processors. Intel calls this technology EPT (Extended Page Tables) while AMD refers it as RVI (Rapid Virtualization Indexing). Hyper-V uses this technology to reduce CPU time and save memory for each VM.
How to Check if Processor Support SLAT?
You can check your processor SLAT support by following these steps.
Step 1. Download Coreinfo.exe form this link, https://technet.microsoft.com/en-us/sysinternals/cc835722
Step 2. Extract it to your C:\ drive
Step 3. Open command prompt with elevated privileges
Step 4. Navigate to C:\ drive
Step 5. Run the following command
If your processor support SLAT, there should be an * in EPT row.
See here for how to upgrade from 32 to 64-bit Windows.