A method of enabling “fast” suspend and “rapid” resume of virtual machines (VMs) employs a cache that is able to perform input/output operations at a faster rate than a storage device provisioned for the VMs. The cache may be local to a computer system that is hosting the VMs or may be shared cache commonly accessible to VMs hosted by different computer systems. The method includes the steps of saving the state of the VM to a checkpoint file stored in the cache and locking the checkpoint file so that data blocks of the checkpoint file are maintained in the cache and are not evicted, and resuming execution of the VM by reading into memory the data blocks of the checkpoint file stored in the cache.