In MVVM, is every ViewModel coupled to just one Model?

In my understanding of the MVVM pattern, the only practical requirement is that the View gets all its data from the properties of a ViewModel (probably through a binding mechanism). The ViewModel is a class that you craft specifically for that view, and takes on the responsability of populating itself as required. You could think of it like ActiveRecord for the view.

As such, it doesn’t matter what you do inside the ViewModel to obtain the data that its properties should show. You could get it by querying some services, reading one or more business entity models, generating it on the spot, or all of the above. It’s perfectly normal to need a combination of all these things to make a functional view.

As in any presentation pattern, the point is just to separate the process of showing some data on the screen, from the process of obtaining that data. That way you can test each part of the process separately.

Edit: Here’s a small but hopefully complete example of the flow of dependencies.

// Model/service layer

public class MyModelA
{
  public string GetSomeData()
  {
    return "Some Data";
  }
}

public class MyModelB
{
  public string GetOtherData()
  {
    return "Other Data";
  }
}

// Presentation layer

public class MyViewModel
{
  readonly MyModelA modelA;
  readonly MyModelB modelB;

  public MyViewModel(MyModelA modelA, MyModelB modelB)
  {
    this.modelA = modelA;
    this.modelB = modelB;
  }

  public string TextBox1Value { get; set; } 

  public string TextBox2Value { get; set; }

  public void Load()
  {
    // These need not necessarily be populated this way. 
    // You could load an entity and have your properties read data directly from it.
    this.TextBox1Value = modelA.GetSomeData();
    this.TextBox2Value = modelB.GetOtherData();
    // raise INotifyPropertyChanged events here
  }
}

public class MyView
{
  readonly MyViewModel vm;

  public MyView(MyViewModel vm)
  {
    this.vm = vm;
    // bind to vm here
  }
}

// Application layer

public class Program
{
  public void Run()
  {
    var mA = new MyModelA();
    var mB = new MyModelB();
    var vm = new MyViewModel(mA, mB);
    var view = new MyView(vm);
    vm.Load();
    // show view here
  }
}