A cache management system and method monitors and controls the contents of cache memory coupled to at least one host and at least one data storage device where data-units are prefetched and stored into a cache memory in a data-set format, comprising the data-units and meta-data associated with the data units. The meta-data contain time stamp information encoded with information whether the cached prefetched information is available for reuse by additional prefetched data. Prefetched data-units are controlled by executing a first prefetch task to prefetch a first prefetch series of data-units from off-cache. A first prefetch operation is executed to prefetch and store a first selected set of data units. The prefetch task contains three dedicated pointers into cache memory. Decisions to prefetch data are made about the first prefetch task, subsequent prefetch operations and prefetch tasks based on these pointers, in-cache data-sets associated with the first prefetch task and on other data-sets that are read from off-cache but that are not associated with the first prefetch task. The cache management system and method reviews data-sets and controls the allocation and deallocation of space in the cache memory.