Systems, apparatuses, and methods for virtualizing a micro-operation cache are disclosed. A processor includes at least a micro-operation cache, a conventional cache subsystem, a decode unit, and control logic. The decode unit decodes instructions into micro-operations which are then stored in the micro-operation cache. The micro-operation cache has limited capacity for storing micro-operations. When new micro-operations are decoded from pending instructions, existing micro-operations are evicted from the micro-operation cache to make room for the new micro-operations. Rather than being discarded, micro-operations evicted from the micro-operation cache are stored in the conventional cache subsystem. This prevents the original instruction from having to be decoded again on subsequent executions. When the control logic determines that micro-operations for one or more fetched instructions are stored in either the micro-operation cache or the conventional cache subsystem, the control logic causes the decode unit to transition to a reduced-power state.