A method and apparatus are described for a shared LRU policy between cache levels. For example, one embodiment comprises: a level N cache to store a first plurality of entries; a level N+1 cache to store a second plurality of entries; the level N+1 cache to initially be provided with responsibility for implementing a least recently used (LRU) eviction policy for a first entry until receipt of a request for the first entry from the level N cache at which time the entry is copied from the level N+1 cache to the level N cache, the level N cache to then be provided with responsibility for implementing the LRU policy until the first entry is evicted from the level N cache, wherein upon being notified that the first entry has been evicted from the level N cache, the level N+1 cache to resume responsibility for implementing the LRU eviction policy.