Techniques for using a host-side cache to accelerate virtual machine (VM) I/O are provided. In one embodiment, the hypervisor of a host system can intercept an I/O request from a VM running on the host system, where the I/O request is directed to a virtual disk residing on a shared storage device. The hypervisor can then process the I/O request by accessing a host-side cache that resides one or more cache devices distinct from the shared storage device, where the accessing of the host-side cache is transparent to the VM.