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Most traditional Video-On-Demand (VoD) systems prefers multimedia streaming which increases server load.In this work, the server load can be minimized by using peer-to-peer network with caching and replication. In P2P network, besides the server responding to the user request, any peer having the requested content can also serve the user. Efficient caching and replacement of cached segment is implemented to satisfy more number of requests. The proposed system focuses on Hybrid caching which includes Cache Prefetching and Opportunistic Cache Update. In the dynamic network scenario, having frequent peer departures, huge data cached on peers turns unavailable. So efficient data sharing becomes complicated and again results in increased server load. In order to reduce the server load, the cached data can be replicated among the nodes in peer-peer network.