Cache memory is a small, fast memory located close to the processor that stores frequently accessed data from main memory. When the processor requests data, the cache is checked first. If the data is present, there is a cache hit and the data is accessed quickly from the cache. If not present, there is a cache hit and the data must be fetched from main memory, which takes longer. Cache memory relies on principles of temporal and spatial locality, where frequently and nearby accessed data is likely to be needed again soon. Mapping functions like direct, associative, and set-associative mapping determine how data is stored in the cache. Replacement policies like FIFO, LRU, etc. determine which cached data gets replaced when new