The present invention discloses a method and a system for managing cache memory. The system comprising a processor is configured to receive datasets from one or more applications, segregate the received datasets into one or more data blocks, identify a checkpoint from previously created checkpoints stored in a virtual cache corresponding to the one or more data blocks, wherein the checkpoints are previously created based on frequency of repetition of each of the one or more data blocks and association between the each of the one or more data blocks, recall a sequence of previously stored data blocks from main memory based on the identified checkpoint, and send the sequence of previously stored data blocks to the one or more applications for execution, thereby managing cache memory.