diff --git a/mlx/backend/common/buffer_cache.h b/mlx/backend/common/buffer_cache.h
new file mode 100644
index 000000000..92b20f222
--- /dev/null
+++ b/mlx/backend/common/buffer_cache.h
@@ -0,0 +1,157 @@
+// Copyright © 2025 Apple Inc.
+
+#pragma once
+
+#include <cassert>
+#include <functional>
+#include <map>
+
+namespace mlx::core {
+
+template <typename T>
+class BufferCache {
+ public:
+  BufferCache(
+      size_t page_size,
+      std::function<size_t(T*)> get_size,
+      std::function<void(T*)> free)
+      : page_size_(page_size),
+        get_size_(std::move(get_size)),
+        free_(std::move(free)) {}
+
+  ~BufferCache() {
+    clear();
+  }
+
+  BufferCache(const BufferCache&) = delete;
+  BufferCache& operator=(const BufferCache&) = delete;
+
+  T* reuse_from_cache(size_t size) {
+    // Find the closest buffer in pool.
+    auto it = buffer_pool_.lower_bound(size);
+    if (it == buffer_pool_.end() ||
+        it->first >= std::min(2 * size, size + 2 * page_size_)) {
+      return nullptr;
+    }
+
+    // Collect from the cache.
+    T* buf = it->second->buf;
+    pool_size_ -= it->first;
+
+    // Remove from record.
+    remove_from_list(it->second);
+    buffer_pool_.erase(it);
+    return buf;
+  }
+
+  void recycle_to_cache(T* buf) {
+    assert(buf);
+    // Add to cache.
+    BufferHolder* bh = new BufferHolder(buf);
+    add_at_head(bh);
+    size_t size = get_size_(buf);
+    pool_size_ += size;
+    buffer_pool_.emplace(size, bh);
+  }
+
+  int release_cached_buffers(size_t min_bytes_to_free) {
+    if (min_bytes_to_free >= 0.9 * pool_size_) {
+      return clear();
+    } else {
+      int n_release = 0;
+      size_t total_bytes_freed = 0;
+
+      while (tail_ && (total_bytes_freed < min_bytes_to_free)) {
+        // Release buffer.
+        size_t size = get_size_(tail_->buf);
+        total_bytes_freed += size;
+        free_(tail_->buf);
+        n_release++;
+
+        // Remove from record.
+        auto its = buffer_pool_.equal_range(size);
+        auto it = std::find_if(its.first, its.second, [this](const auto& el) {
+          return el.second == tail_;
+        });
+        assert(it != buffer_pool_.end());
+        buffer_pool_.erase(it);
+        remove_from_list(tail_);
+      }
+
+      pool_size_ -= total_bytes_freed;
+      return n_release;
+    }
+  }
+
+  int clear() {
+    int n_release = 0;
+    for (auto& [size, holder] : buffer_pool_) {
+      free_(holder->buf);
+      n_release++;
+      delete holder;
+    }
+    buffer_pool_.clear();
+    pool_size_ = 0;
+    head_ = nullptr;
+    tail_ = nullptr;
+    return n_release;
+  }
+
+  size_t cache_size() const {
+    return pool_size_;
+  }
+
+  size_t page_size() const {
+    return page_size_;
+  }
+
+ private:
+  struct BufferHolder {
+   public:
+    explicit BufferHolder(T* buf_) : buf(buf_) {}
+
+    BufferHolder* prev{nullptr};
+    BufferHolder* next{nullptr};
+    T* buf;
+  };
+
+  void add_at_head(BufferHolder* to_add) {
+    if (!head_) {
+      head_ = to_add;
+      tail_ = to_add;
+    } else {
+      head_->prev = to_add;
+      to_add->next = head_;
+      head_ = to_add;
+    }
+  }
+
+  void remove_from_list(BufferHolder* to_remove) {
+    if (to_remove->prev && to_remove->next) { // if middle
+      to_remove->prev->next = to_remove->next;
+      to_remove->next->prev = to_remove->prev;
+    } else if (to_remove->prev && to_remove == tail_) { // if tail
+      tail_ = to_remove->prev;
+      tail_->next = nullptr;
+    } else if (to_remove == head_ && to_remove->next) { // if head
+      head_ = to_remove->next;
+      head_->prev = nullptr;
+    } else if (to_remove == head_ && to_remove == tail_) { // if only element
+      head_ = nullptr;
+      tail_ = nullptr;
+    }
+
+    delete to_remove;
+  }
+
+  std::multimap<size_t, BufferHolder*> buffer_pool_;
+  BufferHolder* head_{nullptr};
+  BufferHolder* tail_{nullptr};
+  size_t pool_size_{0};
+
+  const size_t page_size_;
+  std::function<size_t(T*)> get_size_;
+  std::function<void(T*)> free_;
+};
+
+} // namespace mlx::core
diff --git a/mlx/backend/cuda/allocator.cpp b/mlx/backend/cuda/allocator.cpp
index 203534e21..86af3a774 100644
--- a/mlx/backend/cuda/allocator.cpp
+++ b/mlx/backend/cuda/allocator.cpp
@@ -6,6 +6,7 @@
 
 #include <cuda_runtime.h>
 #include <fmt/format.h>
+#include <unistd.h>
 
 #include <cassert>
 
@@ -13,24 +14,47 @@ namespace mlx::core {
 
 namespace cu {
 
-CudaAllocator::CudaAllocator() {
+CudaAllocator::CudaAllocator()
+    : buffer_cache_(
+          getpagesize(),
+          [](CudaBuffer* buf) { return buf->size; },
+          [this](CudaBuffer* buf) { cuda_free(buf); }) {
   // TODO: Set memory limit for multi-device.
   size_t free, total;
   CHECK_CUDA_ERROR(cudaMemGetInfo(&free, &total));
   memory_limit_ = total * 0.8;
+  max_pool_size_ = memory_limit_;
 }
 
 Buffer CudaAllocator::malloc(size_t size) {
-  // TODO: Check memory limit.
-  auto* buf = new CudaBuffer{nullptr, size};
-  cudaError_t err = cudaMallocManaged(&buf->data, size);
-  if (err != cudaSuccess && err != cudaErrorMemoryAllocation) {
-    throw std::runtime_error(
-        fmt::format("cudaMallocManaged failed: {}.", cudaGetErrorString(err)));
+  // Find available buffer from cache.
+  std::unique_lock lock(mutex_);
+  CudaBuffer* buf = buffer_cache_.reuse_from_cache(size);
+  if (!buf) {
+    // If we have a lot of memory pressure or are over the maximum cache size,
+    // try to reclaim memory from the cache.
+    size_t mem_required = get_active_memory() + get_cache_memory() + size;
+    if (mem_required >= memory_limit_) {
+      buffer_cache_.release_cached_buffers(mem_required - memory_limit_);
+    }
+
+    lock.unlock();
+    buf = new CudaBuffer{nullptr, size};
+    cudaError_t err = cudaMallocManaged(&buf->data, size);
+    if (err != cudaSuccess && err != cudaErrorMemoryAllocation) {
+      throw std::runtime_error(fmt::format(
+          "cudaMallocManaged failed: {}.", cudaGetErrorString(err)));
+    }
+    lock.lock();
   }
-  std::lock_guard lock(mutex_);
   active_memory_ += size;
   peak_memory_ = std::max(active_memory_, peak_memory_);
+
+  // Maintain the cache below the requested limit.
+  if (get_cache_memory() > max_pool_size_) {
+    buffer_cache_.release_cached_buffers(get_cache_memory() - max_pool_size_);
+  }
+
   return Buffer{buf};
 }
 
@@ -40,26 +64,14 @@ void CudaAllocator::free(Buffer buffer) {
     return;
   }
 
-  // If free() is called from a unregistered thread, reschedule the call to
-  // worker.
-  {
-    std::lock_guard lock(worker_mutex_);
-    if (allowed_threads_.count(std::this_thread::get_id()) == 0) {
-      if (!worker_) {
-        worker_.reset(new Worker);
-      }
-      worker_->add_task([buffer]() { allocator().free(buffer); });
-      worker_->end_batch();
-      worker_->commit();
-      return;
-    }
+  std::unique_lock lock(mutex_);
+  active_memory_ -= buf->size;
+  if (get_cache_memory() < max_pool_size_) {
+    buffer_cache_.recycle_to_cache(buf);
+  } else {
+    lock.unlock();
+    cuda_free(buf);
   }
-
-  size_t size = buf->size;
-  cudaFree(buf->data);
-  delete buf;
-  std::lock_guard lock(mutex_);
-  active_memory_ -= size;
 }
 
 size_t CudaAllocator::size(Buffer buffer) const {
@@ -98,6 +110,41 @@ size_t CudaAllocator::set_memory_limit(size_t limit) {
   return limit;
 }
 
+size_t CudaAllocator::get_cache_memory() const {
+  return buffer_cache_.cache_size();
+}
+
+size_t CudaAllocator::set_cache_limit(size_t limit) {
+  std::lock_guard lk(mutex_);
+  std::swap(limit, max_pool_size_);
+  return limit;
+}
+
+void CudaAllocator::clear_cache() {
+  std::lock_guard lk(mutex_);
+  buffer_cache_.clear();
+}
+
+void CudaAllocator::cuda_free(CudaBuffer* buf) {
+  // If cuda_free() is called from a unregistered thread, reschedule the call to
+  // worker.
+  {
+    std::lock_guard lock(worker_mutex_);
+    if (allowed_threads_.count(std::this_thread::get_id()) == 0) {
+      if (!worker_) {
+        worker_.reset(new Worker);
+      }
+      worker_->add_task([this, buf]() { this->cuda_free(buf); });
+      worker_->end_batch();
+      worker_->commit();
+      return;
+    }
+  }
+
+  cudaFree(buf->data);
+  delete buf;
+}
+
 CudaAllocator& allocator() {
   // By creating the |allocator_| on heap, the destructor of CudaAllocator
   // will not be called on exit and buffers in the cache will be leaked. This
@@ -138,17 +185,19 @@ size_t set_memory_limit(size_t limit) {
 size_t get_memory_limit() {
   return cu::allocator().get_memory_limit();
 }
-
-// TODO: Implement buffer cache.
 size_t get_cache_memory() {
-  return 0;
+  return cu::allocator().get_cache_memory();
 }
-size_t set_cache_limit(size_t) {
-  return 0;
+size_t set_cache_limit(size_t limit) {
+  return cu::allocator().set_cache_limit(limit);
 }
+void clear_cache() {
+  cu::allocator().clear_cache();
+}
+
+// Not supported in CUDA.
 size_t set_wired_limit(size_t) {
   return 0;
 }
-void clear_cache() {}
 
 } // namespace mlx::core
diff --git a/mlx/backend/cuda/allocator.h b/mlx/backend/cuda/allocator.h
index 6c418ee7e..fe3755121 100644
--- a/mlx/backend/cuda/allocator.h
+++ b/mlx/backend/cuda/allocator.h
@@ -3,6 +3,7 @@
 #pragma once
 
 #include "mlx/allocator.h"
+#include "mlx/backend/common/buffer_cache.h"
 
 #include <mutex>
 #include <set>
@@ -38,17 +39,24 @@ class CudaAllocator : public allocator::Allocator {
   void reset_peak_memory();
   size_t get_memory_limit();
   size_t set_memory_limit(size_t limit);
+  size_t get_cache_memory() const;
+  size_t set_cache_limit(size_t limit);
+  void clear_cache();
 
  private:
   CudaAllocator();
   friend CudaAllocator& allocator();
 
+  void cuda_free(CudaBuffer* buf);
+
   std::mutex worker_mutex_;
   std::unique_ptr<Worker> worker_;
   std::set<std::thread::id> allowed_threads_;
 
   std::mutex mutex_;
   size_t memory_limit_;
+  size_t max_pool_size_;
+  BufferCache<CudaBuffer> buffer_cache_;
   size_t active_memory_{0};
   size_t peak_memory_{0};
 };
diff --git a/mlx/backend/metal/allocator.cpp b/mlx/backend/metal/allocator.cpp
index 5d8bd90d5..dd6189732 100644
--- a/mlx/backend/metal/allocator.cpp
+++ b/mlx/backend/metal/allocator.cpp
@@ -30,141 +30,18 @@ void* Buffer::raw_ptr() {
 
 namespace metal {
 
-namespace {
-
-BufferCache::BufferCache(ResidencySet& residency_set)
-    : head_(nullptr),
-      tail_(nullptr),
-      pool_size_(0),
-      residency_set_(residency_set) {}
-
-BufferCache::~BufferCache() {
-  auto pool = metal::new_scoped_memory_pool();
-  clear();
-}
-
-int BufferCache::clear() {
-  int n_release = 0;
-  for (auto& [size, holder] : buffer_pool_) {
-    if (holder->buf) {
-      if (!holder->buf->heap()) {
-        residency_set_.erase(holder->buf);
-      }
-      holder->buf->release();
-      n_release++;
-    }
-    delete holder;
-  }
-  buffer_pool_.clear();
-  pool_size_ = 0;
-  head_ = nullptr;
-  tail_ = nullptr;
-  return n_release;
-}
-
-MTL::Buffer* BufferCache::reuse_from_cache(size_t size) {
-  // Find the closest buffer in pool
-  MTL::Buffer* pbuf = nullptr;
-
-  auto it = buffer_pool_.lower_bound(size);
-
-  // Make sure we use most of the available memory
-  while (!pbuf && it != buffer_pool_.end() &&
-         it->first < std::min(2 * size, size + 2 * vm_page_size)) {
-    // Collect from the cache
-    pbuf = it->second->buf;
-
-    // Remove from cache
-    remove_from_list(it->second);
-    delete it->second;
-    it = buffer_pool_.erase(it);
-  }
-
-  if (pbuf) {
-    pool_size_ -= pbuf->length();
-  }
-
-  return pbuf;
-}
-
-void BufferCache::recycle_to_cache(MTL::Buffer* buf) {
-  // Add to cache
-  if (buf) {
-    BufferHolder* bh = new BufferHolder(buf);
-    add_at_head(bh);
-    pool_size_ += buf->length();
-    buffer_pool_.insert({buf->length(), bh});
-  }
-}
-
-int BufferCache::release_cached_buffers(size_t min_bytes_to_free) {
-  if (min_bytes_to_free >= 0.9 * pool_size_) {
-    return clear();
-  } else {
-    int n_release = 0;
-    size_t total_bytes_freed = 0;
-
-    while (tail_ && (total_bytes_freed < min_bytes_to_free)) {
-      if (tail_->buf) {
-        total_bytes_freed += tail_->buf->length();
-        if (!tail_->buf->heap()) {
-          residency_set_.erase(tail_->buf);
-        }
-        tail_->buf->release();
-        tail_->buf = nullptr;
-        n_release++;
-      }
-      remove_from_list(tail_);
-    }
-    pool_size_ -= total_bytes_freed;
-    return n_release;
-  }
-}
-
-void BufferCache::add_at_head(BufferCache::BufferHolder* to_add) {
-  if (!to_add)
-    return;
-
-  if (!head_) {
-    head_ = to_add;
-    tail_ = to_add;
-  } else {
-    head_->prev = to_add;
-    to_add->next = head_;
-    head_ = to_add;
-  }
-}
-
-void BufferCache::remove_from_list(BufferCache::BufferHolder* to_remove) {
-  if (!to_remove) {
-    return;
-  }
-
-  // If in the middle
-  if (to_remove->prev && to_remove->next) {
-    to_remove->prev->next = to_remove->next;
-    to_remove->next->prev = to_remove->prev;
-  } else if (to_remove->prev && to_remove == tail_) { // If tail
-    tail_ = to_remove->prev;
-    tail_->next = nullptr;
-  } else if (to_remove == head_ && to_remove->next) { // If head
-    head_ = to_remove->next;
-    head_->prev = nullptr;
-  } else if (to_remove == head_ && to_remove == tail_) { // If only element
-    head_ = nullptr;
-    tail_ = nullptr;
-  }
-
-  to_remove->prev = nullptr;
-  to_remove->next = nullptr;
-}
-
-} // namespace
-
 MetalAllocator::MetalAllocator()
     : device_(device(mlx::core::Device::gpu).mtl_device()),
       residency_set_(device_),
-      buffer_cache_(residency_set_) {
+      buffer_cache_(
+          vm_page_size,
+          [](MTL::Buffer* buf) { return buf->length(); },
+          [this](MTL::Buffer* buf) {
+            if (!buf->heap()) {
+              residency_set_.erase(buf);
+            }
+            buf->release();
+          }) {
   auto pool = metal::new_scoped_memory_pool();
   auto memsize = std::get<size_t>(device_info().at("memory_size"));
   auto max_rec_size =
@@ -193,6 +70,7 @@ MetalAllocator::~MetalAllocator() {
   if (heap_) {
     heap_->release();
   }
+  buffer_cache_.clear();
 }
 
 size_t MetalAllocator::set_cache_limit(size_t limit) {
diff --git a/mlx/backend/metal/allocator.h b/mlx/backend/metal/allocator.h
index 227b09e91..691317916 100644
--- a/mlx/backend/metal/allocator.h
+++ b/mlx/backend/metal/allocator.h
@@ -7,6 +7,7 @@
 #include <vector>
 
 #include "mlx/allocator.h"
+#include "mlx/backend/common/buffer_cache.h"
 #include "mlx/backend/metal/device.h"
 #include "mlx/backend/metal/resident.h"
 
@@ -14,43 +15,6 @@ namespace mlx::core::metal {
 
 using allocator::Buffer;
 
-namespace {
-
-class BufferCache {
- public:
-  BufferCache(ResidencySet& residency_set);
-  ~BufferCache();
-
-  MTL::Buffer* reuse_from_cache(size_t size);
-  void recycle_to_cache(MTL::Buffer* buf);
-  int release_cached_buffers(size_t min_bytes_to_free);
-  size_t cache_size() {
-    return pool_size_;
-  }
-  int clear();
-
- private:
-  struct BufferHolder {
-   public:
-    BufferHolder(MTL::Buffer* buf_) : buf(buf_), prev(nullptr), next(nullptr) {}
-
-    BufferHolder* prev;
-    BufferHolder* next;
-    MTL::Buffer* buf;
-  };
-
-  void add_at_head(BufferHolder* to_add);
-  void remove_from_list(BufferHolder* to_remove);
-
-  std::multimap<size_t, BufferHolder*> buffer_pool_;
-  BufferHolder* head_;
-  BufferHolder* tail_;
-  size_t pool_size_;
-  ResidencySet& residency_set_;
-};
-
-} // namespace
-
 class MetalAllocator : public allocator::Allocator {
   /** Allocator for Metal GPUs. */
  public:
@@ -90,7 +54,7 @@ class MetalAllocator : public allocator::Allocator {
   friend MetalAllocator& allocator();
 
   // Caching allocator
-  BufferCache buffer_cache_;
+  BufferCache<MTL::Buffer> buffer_cache_;
 
   ResidencySet residency_set_;