Embodiments of the present invention disclose a cooperative caching method and apparatus, relating to the field of network technologies, to improve the local hit ratio without increasing the local server costs. The technical solution provided in the present invention includes: obtaining, according to cache information, end-to-end delay between a local server and a neighbor server, and popularity in a cache list, a consolidated gain value of a cached video segment and a consolidated gain value of a candidate video segment in the local server; and replacing the cached video segment with the candidate video segment when the consolidated gain value of the cached video segment and the consolidated gain value of the candidate video segment in the local server meet a replacement condition.