diff --git a/app/src/main/java/kr/co/vividnext/sodalive/di/AppDI.kt b/app/src/main/java/kr/co/vividnext/sodalive/di/AppDI.kt
index 2660b35b..5e25f1f4 100644
--- a/app/src/main/java/kr/co/vividnext/sodalive/di/AppDI.kt
+++ b/app/src/main/java/kr/co/vividnext/sodalive/di/AppDI.kt
@@ -177,6 +177,7 @@ import kr.co.vividnext.sodalive.user.find_password.FindPasswordViewModel
 import kr.co.vividnext.sodalive.user.login.LoginViewModel
 import kr.co.vividnext.sodalive.user.signup.SignUpViewModel
 import kr.co.vividnext.sodalive.v2.main.MainV2ViewModel
+import kr.co.vividnext.sodalive.v2.main.chat.ChatMainViewModel
 import kr.co.vividnext.sodalive.v2.main.chat.data.ChatRoomApi
 import kr.co.vividnext.sodalive.v2.main.chat.data.ChatRoomRepository
 import kr.co.vividnext.sodalive.v2.main.home.HomeCreatorRankingViewModel
@@ -392,6 +393,7 @@ class AppDI(private val context: Context, isDebugMode: Boolean) {
         viewModel { SearchViewModel(get()) }
         viewModel { PointStatusViewModel(get()) }
         viewModel { HomeViewModel(get(), get()) }
+        viewModel { ChatMainViewModel(get()) }
         viewModel { HomeCreatorRankingViewModel(get()) }
         viewModel { HomeRecommendationViewModel(get()) }
         viewModel { PushNotificationListViewModel(get()) }
diff --git a/app/src/main/java/kr/co/vividnext/sodalive/v2/main/chat/ChatMainViewModel.kt b/app/src/main/java/kr/co/vividnext/sodalive/v2/main/chat/ChatMainViewModel.kt
new file mode 100644
index 00000000..b48bb40d
--- /dev/null
+++ b/app/src/main/java/kr/co/vividnext/sodalive/v2/main/chat/ChatMainViewModel.kt
@@ -0,0 +1,154 @@
+package kr.co.vividnext.sodalive.v2.main.chat
+
+import androidx.lifecycle.LiveData
+import androidx.lifecycle.MutableLiveData
+import com.orhanobut.logger.Logger
+import io.reactivex.rxjava3.android.schedulers.AndroidSchedulers
+import io.reactivex.rxjava3.schedulers.Schedulers
+import kr.co.vividnext.sodalive.R
+import kr.co.vividnext.sodalive.base.BaseViewModel
+import kr.co.vividnext.sodalive.common.SharedPreferenceManager
+import kr.co.vividnext.sodalive.common.ToastMessage
+import kr.co.vividnext.sodalive.v2.main.chat.data.ChatRoomListPageResponse
+import kr.co.vividnext.sodalive.v2.main.chat.data.ChatRoomRepository
+import kr.co.vividnext.sodalive.v2.main.chat.model.ChatRoomFilter
+import kr.co.vividnext.sodalive.v2.main.chat.model.ChatRoomListUiItem
+import kr.co.vividnext.sodalive.v2.main.chat.model.ChatRoomListUiState
+import kr.co.vividnext.sodalive.v2.main.chat.model.toUiItems
+
+class ChatMainViewModel(
+    private val repository: ChatRoomRepository
+) : BaseViewModel() {
+
+    private var currentFilter: ChatRoomFilter = ChatRoomFilter.ALL
+    private var currentItems: List<ChatRoomListUiItem> = emptyList()
+    private var nextCursor: String? = null
+    private var hasMore: Boolean = false
+    private var requestGeneration: Long = 0L
+
+    private val _chatRoomStateLiveData = MutableLiveData<ChatRoomListUiState>()
+    val chatRoomStateLiveData: LiveData<ChatRoomListUiState>
+        get() = _chatRoomStateLiveData
+
+    private val _toastLiveData = MutableLiveData<ToastMessage?>()
+    val toastLiveData: LiveData<ToastMessage?>
+        get() = _toastLiveData
+
+    private val _isLoading = MutableLiveData(false)
+    val isLoading: LiveData<Boolean>
+        get() = _isLoading
+
+    private val _isAppending = MutableLiveData(false)
+    val isAppending: LiveData<Boolean>
+        get() = _isAppending
+
+    fun loadFirstPage(filter: ChatRoomFilter = currentFilter) {
+        currentFilter = filter
+        requestGeneration += 1L
+        val generation = requestGeneration
+        currentItems = emptyList()
+        nextCursor = null
+        hasMore = false
+        _isLoading.value = true
+        _isAppending.value = false
+        _chatRoomStateLiveData.value = ChatRoomListUiState.Loading
+
+        compositeDisposable.add(
+            repository.getChatRooms(
+                token = authToken(),
+                filter = currentFilter.apiValue,
+                cursor = null
+            )
+                .subscribeOn(Schedulers.io())
+                .observeOn(AndroidSchedulers.mainThread())
+                .subscribe(
+                    {
+                        if (generation != requestGeneration) return@subscribe
+                        _isLoading.value = false
+                        val data = it.data
+                        if (it.success && data != null) {
+                            handleFirstPageSuccess(data)
+                        } else {
+                            showUnknownError(it.message)
+                        }
+                    },
+                    {
+                        if (generation != requestGeneration) return@subscribe
+                        _isLoading.value = false
+                        it.message?.let { message -> Logger.e(message) }
+                        showUnknownError(it.message)
+                    }
+                )
+        )
+    }
+
+    fun selectFilter(filter: ChatRoomFilter) {
+        if (filter == currentFilter) return
+        loadFirstPage(filter)
+    }
+
+    fun loadNextPage() {
+        val cursor = nextCursor
+        if (_isLoading.value == true || _isAppending.value == true || !hasMore || cursor == null) return
+
+        val generation = requestGeneration
+        _isAppending.value = true
+        _chatRoomStateLiveData.value = ChatRoomListUiState.Content(
+            items = currentItems,
+            isAppending = true
+        )
+
+        compositeDisposable.add(
+            repository.getChatRooms(
+                token = authToken(),
+                filter = currentFilter.apiValue,
+                cursor = cursor
+            )
+                .subscribeOn(Schedulers.io())
+                .observeOn(AndroidSchedulers.mainThread())
+                .subscribe(
+                    {
+                        if (generation != requestGeneration) return@subscribe
+                        _isAppending.value = false
+                        val data = it.data
+                        if (it.success && data != null) {
+                            handleNextPageSuccess(data)
+                        } else {
+                            showUnknownError(it.message)
+                        }
+                    },
+                    {
+                        if (generation != requestGeneration) return@subscribe
+                        _isAppending.value = false
+                        it.message?.let { message -> Logger.e(message) }
+                        showUnknownError(it.message)
+                    }
+                )
+        )
+    }
+
+    private fun handleFirstPageSuccess(data: ChatRoomListPageResponse) {
+        currentItems = data.rooms.toUiItems()
+        hasMore = data.hasMore
+        nextCursor = data.nextCursor
+        _chatRoomStateLiveData.value = if (currentItems.isEmpty()) {
+            ChatRoomListUiState.Empty
+        } else {
+            ChatRoomListUiState.Content(items = currentItems)
+        }
+    }
+
+    private fun handleNextPageSuccess(data: ChatRoomListPageResponse) {
+        currentItems = currentItems + data.rooms.toUiItems()
+        hasMore = data.hasMore
+        nextCursor = data.nextCursor
+        _chatRoomStateLiveData.value = ChatRoomListUiState.Content(items = currentItems)
+    }
+
+    private fun showUnknownError(message: String?) {
+        _chatRoomStateLiveData.value = ChatRoomListUiState.Error(message = message)
+        _toastLiveData.value = ToastMessage(resId = R.string.common_error_unknown)
+    }
+
+    private fun authToken(): String = "Bearer ${SharedPreferenceManager.token}"
+}
diff --git a/app/src/test/java/kr/co/vividnext/sodalive/v2/main/chat/ChatMainViewModelTest.kt b/app/src/test/java/kr/co/vividnext/sodalive/v2/main/chat/ChatMainViewModelTest.kt
new file mode 100644
index 00000000..8f492381
--- /dev/null
+++ b/app/src/test/java/kr/co/vividnext/sodalive/v2/main/chat/ChatMainViewModelTest.kt
@@ -0,0 +1,297 @@
+package kr.co.vividnext.sodalive.v2.main.chat
+
+import android.app.Application
+import android.content.Context
+import androidx.lifecycle.LiveData
+import androidx.lifecycle.Observer
+import androidx.test.core.app.ApplicationProvider
+import io.reactivex.rxjava3.android.plugins.RxAndroidPlugins
+import io.reactivex.rxjava3.core.Scheduler
+import io.reactivex.rxjava3.core.Single
+import io.reactivex.rxjava3.plugins.RxJavaPlugins
+import io.reactivex.rxjava3.schedulers.Schedulers
+import io.reactivex.rxjava3.subjects.SingleSubject
+import kr.co.vividnext.sodalive.R
+import kr.co.vividnext.sodalive.common.ApiResponse
+import kr.co.vividnext.sodalive.common.SharedPreferenceManager
+import kr.co.vividnext.sodalive.v2.main.chat.data.ChatRoomApi
+import kr.co.vividnext.sodalive.v2.main.chat.data.ChatRoomListItemResponse
+import kr.co.vividnext.sodalive.v2.main.chat.data.ChatRoomListPageResponse
+import kr.co.vividnext.sodalive.v2.main.chat.data.ChatRoomRepository
+import kr.co.vividnext.sodalive.v2.main.chat.model.ChatRoomFilter
+import kr.co.vividnext.sodalive.v2.main.chat.model.ChatRoomListUiState
+import org.junit.After
+import org.junit.Assert.assertEquals
+import org.junit.Assert.assertFalse
+import org.junit.Assert.assertTrue
+import org.junit.Before
+import org.junit.Test
+import org.junit.runner.RunWith
+import org.robolectric.RobolectricTestRunner
+import org.robolectric.annotation.Config
+
+@RunWith(RobolectricTestRunner::class)
+@Config(sdk = [28], application = Application::class)
+class ChatMainViewModelTest {
+
+    private val context: Context = ApplicationProvider.getApplicationContext()
+    private lateinit var api: FakeChatRoomApi
+    private lateinit var viewModel: ChatMainViewModel
+
+    @Before
+    fun setUp() {
+        setImmediateRxSchedulers()
+        SharedPreferenceManager.resetForTest()
+        SharedPreferenceManager.init(context)
+        SharedPreferenceManager.token = "test-token"
+        api = FakeChatRoomApi()
+        viewModel = ChatMainViewModel(
+            repository = ChatRoomRepository(api)
+        )
+    }
+
+    @After
+    fun tearDown() {
+        RxJavaPlugins.reset()
+        RxAndroidPlugins.reset()
+        SharedPreferenceManager.resetForTest()
+    }
+
+    @Test
+    fun `초기 첫 페이지 로드는 ALL filter와 null cursor로 요청한다`() {
+        api.enqueueSuccess(page(rooms = listOf(room(roomId = 1L))))
+
+        viewModel.loadFirstPage()
+
+        assertEquals(listOf(ApiCall("Bearer test-token", "ALL", null)), api.calls)
+    }
+
+    @Test
+    fun `다른 filter를 선택하면 기존 목록을 비우고 첫 페이지를 요청한다`() {
+        api.enqueueSuccess(page(rooms = listOf(room(roomId = 1L))))
+        viewModel.loadFirstPage()
+        api.enqueueSuccess(page(rooms = listOf(room(roomId = 2L, chatType = "DM"))))
+
+        viewModel.selectFilter(ChatRoomFilter.DM)
+
+        assertEquals(ApiCall("Bearer test-token", "DM", null), api.calls.last())
+        val state = viewModel.chatRoomStateLiveData.requireValue() as ChatRoomListUiState.Content
+        assertEquals(listOf(2L), state.items.map { it.roomId })
+    }
+
+    @Test
+    fun `현재 선택된 filter를 다시 선택하면 API를 재호출하지 않는다`() {
+        api.enqueueSuccess(page(rooms = listOf(room(roomId = 1L))))
+        viewModel.loadFirstPage()
+
+        viewModel.selectFilter(ChatRoomFilter.ALL)
+
+        assertEquals(1, api.calls.size)
+    }
+
+    @Test
+    fun `첫 페이지 success와 rooms가 있으면 Content를 emit한다`() {
+        api.enqueueSuccess(page(rooms = listOf(room(roomId = 10L, targetName = "크리에이터"))))
+
+        viewModel.loadFirstPage()
+
+        val state = viewModel.chatRoomStateLiveData.requireValue() as ChatRoomListUiState.Content
+
+        assertFalse(state.isAppending)
+        assertEquals(1, state.items.size)
+        assertEquals(10L, state.items[0].roomId)
+        assertEquals("크리에이터", state.items[0].targetName)
+    }
+
+    @Test
+    fun `첫 페이지 success와 rooms가 비어 있으면 Empty를 emit한다`() {
+        api.enqueueSuccess(page(rooms = emptyList()))
+
+        viewModel.loadFirstPage()
+
+        val state = viewModel.chatRoomStateLiveData.requireValue()
+
+        assertTrue(state is ChatRoomListUiState.Empty)
+    }
+
+    @Test
+    fun `다음 cursor가 있으면 다음 페이지를 요청하고 기존 목록에 append한다`() {
+        api.enqueueSuccess(page(rooms = listOf(room(roomId = 1L)), hasMore = true, nextCursor = "next-1"))
+        viewModel.loadFirstPage()
+        api.enqueueSuccess(page(rooms = listOf(room(roomId = 2L)), hasMore = false, nextCursor = null))
+
+        viewModel.loadNextPage()
+        val state = viewModel.chatRoomStateLiveData.requireValue() as ChatRoomListUiState.Content
+
+        assertEquals(ApiCall("Bearer test-token", "ALL", "next-1"), api.calls.last())
+        assertEquals(listOf(1L, 2L), state.items.map { it.roomId })
+        assertFalse(state.isAppending)
+    }
+
+    @Test
+    fun `hasMore가 false이면 다음 페이지 API를 호출하지 않는다`() {
+        api.enqueueSuccess(page(rooms = listOf(room(roomId = 1L)), hasMore = false, nextCursor = null))
+        viewModel.loadFirstPage()
+
+        viewModel.loadNextPage()
+
+        assertEquals(1, api.calls.size)
+    }
+
+    @Test
+    fun `append loading 중 중복 다음 페이지 요청은 무시한다`() {
+        api.enqueueSuccess(page(rooms = listOf(room(roomId = 1L)), hasMore = true, nextCursor = "next-1"))
+        viewModel.loadFirstPage()
+        val pendingNextPage = SingleSubject.create<ApiResponse<ChatRoomListPageResponse>>()
+        api.enqueue(pendingNextPage)
+
+        viewModel.loadNextPage()
+        viewModel.loadNextPage()
+
+        assertEquals(2, api.calls.size)
+        val appendingState = viewModel.chatRoomStateLiveData.requireValue() as ChatRoomListUiState.Content
+        assertTrue(appendingState.isAppending)
+
+        pendingNextPage.onSuccess(ApiResponse(true, page(rooms = listOf(room(roomId = 2L))), null))
+        val completedState = viewModel.chatRoomStateLiveData.requireValue() as ChatRoomListUiState.Content
+        assertEquals(listOf(1L, 2L), completedState.items.map { it.roomId })
+    }
+
+    @Test
+    fun `filter 변경 전 첫 페이지 응답이 늦게 도착하면 현재 filter 목록을 덮어쓰지 않는다`() {
+        val pendingAllPage = SingleSubject.create<ApiResponse<ChatRoomListPageResponse>>()
+        api.enqueue(pendingAllPage)
+        viewModel.loadFirstPage(ChatRoomFilter.ALL)
+        api.enqueueSuccess(page(rooms = listOf(room(roomId = 2L, chatType = "DM"))))
+
+        viewModel.selectFilter(ChatRoomFilter.DM)
+        pendingAllPage.onSuccess(ApiResponse(true, page(rooms = listOf(room(roomId = 1L))), null))
+        val state = viewModel.chatRoomStateLiveData.requireValue() as ChatRoomListUiState.Content
+
+        assertEquals(listOf(2L), state.items.map { it.roomId })
+        assertEquals(ApiCall("Bearer test-token", "DM", null), api.calls.last())
+    }
+
+    @Test
+    fun `filter 변경 전 다음 페이지 응답이 늦게 도착하면 현재 filter 목록에 append하지 않는다`() {
+        api.enqueueSuccess(page(rooms = listOf(room(roomId = 1L)), hasMore = true, nextCursor = "next-1"))
+        viewModel.loadFirstPage(ChatRoomFilter.ALL)
+        val pendingNextPage = SingleSubject.create<ApiResponse<ChatRoomListPageResponse>>()
+        api.enqueue(pendingNextPage)
+        viewModel.loadNextPage()
+        api.enqueueSuccess(page(rooms = listOf(room(roomId = 3L, chatType = "DM"))))
+
+        viewModel.selectFilter(ChatRoomFilter.DM)
+        pendingNextPage.onSuccess(ApiResponse(true, page(rooms = listOf(room(roomId = 2L))), null))
+        val state = viewModel.chatRoomStateLiveData.requireValue() as ChatRoomListUiState.Content
+
+        assertEquals(listOf(3L), state.items.map { it.roomId })
+    }
+
+    @Test
+    fun `API failure는 Error와 unknown error toast를 emit한다`() {
+        api.enqueueSuccess(ApiResponse(false, null, "failed"))
+
+        viewModel.loadFirstPage()
+
+        val state = viewModel.chatRoomStateLiveData.requireValue() as ChatRoomListUiState.Error
+
+        assertEquals("failed", state.message)
+        assertEquals(R.string.common_error_unknown, viewModel.toastLiveData.requireValue()?.resId)
+    }
+
+    @Test
+    fun `data null 응답은 Error와 unknown error toast를 emit한다`() {
+        api.enqueueSuccess(ApiResponse(true, null, null))
+
+        viewModel.loadFirstPage()
+        val state = viewModel.chatRoomStateLiveData.requireValue()
+
+        assertTrue(state is ChatRoomListUiState.Error)
+        assertEquals(R.string.common_error_unknown, viewModel.toastLiveData.requireValue()?.resId)
+    }
+
+    @Test
+    fun `Throwable은 Error와 unknown error toast를 emit한다`() {
+        api.enqueue(Single.error(IllegalStateException("network")))
+
+        viewModel.loadFirstPage()
+        val state = viewModel.chatRoomStateLiveData.requireValue() as ChatRoomListUiState.Error
+
+        assertEquals("network", state.message)
+        assertEquals(R.string.common_error_unknown, viewModel.toastLiveData.requireValue()?.resId)
+    }
+
+    private fun setImmediateRxSchedulers() {
+        val trampoline = { _: Scheduler -> Schedulers.trampoline() }
+        RxJavaPlugins.setIoSchedulerHandler(trampoline)
+        RxAndroidPlugins.setInitMainThreadSchedulerHandler { Schedulers.trampoline() }
+        RxAndroidPlugins.setMainThreadSchedulerHandler { Schedulers.trampoline() }
+    }
+
+    private fun page(
+        rooms: List<ChatRoomListItemResponse>,
+        hasMore: Boolean = false,
+        nextCursor: String? = null
+    ) = ChatRoomListPageResponse(
+        rooms = rooms,
+        hasMore = hasMore,
+        nextCursor = nextCursor
+    )
+
+    private fun room(
+        roomId: Long,
+        chatType: String = "AI",
+        targetName: String = "상대방",
+        targetImageUrl: String = "https://example.com/profile.png",
+        lastMessage: String = "마지막 메시지",
+        lastMessageAt: String = "2026-06-09T12:00:00Z"
+    ) = ChatRoomListItemResponse(
+        roomId = roomId,
+        chatType = chatType,
+        targetName = targetName,
+        targetImageUrl = targetImageUrl,
+        lastMessage = lastMessage,
+        lastMessageAt = lastMessageAt
+    )
+
+    private fun <T> LiveData<T>.requireValue(): T? {
+        var value: T? = null
+        val observer = Observer<T> { value = it }
+        observeForever(observer)
+        removeObserver(observer)
+        return value
+    }
+
+    private data class ApiCall(
+        val token: String,
+        val filter: String,
+        val cursor: String?
+    )
+
+    private class FakeChatRoomApi : ChatRoomApi {
+        val calls = mutableListOf<ApiCall>()
+        private val responses = ArrayDeque<Single<ApiResponse<ChatRoomListPageResponse>>>()
+
+        fun enqueueSuccess(response: ApiResponse<ChatRoomListPageResponse>) {
+            enqueue(Single.just(response))
+        }
+
+        fun enqueueSuccess(page: ChatRoomListPageResponse) {
+            enqueueSuccess(ApiResponse(true, page, null))
+        }
+
+        fun enqueue(response: Single<ApiResponse<ChatRoomListPageResponse>>) {
+            responses.addLast(response)
+        }
+
+        override fun getChatRooms(
+            authHeader: String,
+            filter: String,
+            cursor: String?
+        ): Single<ApiResponse<ChatRoomListPageResponse>> {
+            calls.add(ApiCall(authHeader, filter, cursor))
+            return responses.removeFirst()
+        }
+    }
+}