It is expected that by 2003 continuous media will account for more than 50 % of the data available on origin servers, this will provoke a significant change in Internet workload. Due to the high bandwidth requirements and the long-lived nature of digital video, streaming server loads and network bandwidths are proven to be major limiting factors. Aiming at the characteristics of broadband network in residential areas, this paper proposes a popularity-based server-proxy caching strategy for streaming media. According to a streaming media popularity on streaming server and proxy, this strategy caches the content of the streaming media partially or completely. The paper also proposes two formulas that calculate the popularity coefficient of a streaming media on server and proxy, and caching replacement policy. As expected, this strategy decreases the server load, reduces the traffic from streaming server to proxy, and improves client start-up latency.