The present invention provides a dynamic set associative cache apparatus for a processor. When read access occurs, the apparatus first determines a valid/invalid bit of each cache block in a cache set to be accessed, and sets, according to the valid/invalid bit of each cache block, an enable/disable bit of a cache way in which the cache block is located; then, reads valid cache blocks, compares a tag section in a memory address with a tag block in each cache block that is read, and if there is a hit, reads data from a data block in a hit cache block according to an offset section of the memory address.