Methods and systems for managing caching mechanisms in storage systems are provided where a global cache management function manages multiple independent cache pools and a global cache pool. As an example, the method includes: splitting a cache storage into a plurality of independently operating cache pools, each cache pool comprising storage space for storing a plurality of cache blocks for storing data related to an input/output (“I/O”) request and metadata associated with each cache pool; receiving the I/O request for writing a data; operating a hash function on the I/O request to assign the I/O request to one of the plurality of cache pools; and writing the data of the I/O request to one or more of the cache blocks associated with the assigned cache pool. In an aspect, this allows efficient I/O processing across multiple processors simultaneously.