In this paper, we propose a proxy caching policy using both prefetching and patching technique for the efficient continuous media stream service on the network. In the proposed proxy caching policy, caching is done in two phases that in the first phase, the prefix of the requested object is cached when the requested object is not cached at all; this is done to reduce initial latency for future streams for that object. In the second phase, that object is cached stepwise based on the interval between the current and preceding streams for that object if the prefix of that object has already cached. Our experimental results show that our proposed proxy caching policy works better than existing ones in terms of network channel and read ahead buffer usage.