Mobile Peer to Peer (MP2P) networks provide decentralization, self-organization, scalability characters, but suffer from high latency and link break problems. In this paper, we study the cache/replication placement and cache update problems arising in such kind of networks. While researchers have proposed various replication placement algorithms to place data across the network to address the problem, it was proven as NP-hard. As a result, many heuristic algorithms have been brought forward for solving the problem. In this article, we propose an effective and low cost cache placement strategy combined with an update scheme which can be easily implemented in a decentralized way. The contribution of this paper is the adaptive and flexible cache placement and update algorithms designed for real MP2P network usage. The combination of MP2P cache placement and update is the novelty of this article. Extensive experiments are conducted to demonstrate the efficiency of the cache placement and update scheme.