diff --git a/source/adapters/level_zero/context.hpp b/source/adapters/level_zero/context.hpp
index c2fbba633f..e7c0d784a0 100644
--- a/source/adapters/level_zero/context.hpp
+++ b/source/adapters/level_zero/context.hpp
@@ -100,6 +100,9 @@ struct ur_context_handle_t_ : _ur_object {
                                          l0_command_list_cache_info>>>
       ZeCopyCommandListCache;
 
+  std::unordered_map<ur_device_handle_t, std::list<ur_device_handle_t>>
+      P2PDeviceCache;
+
   // Store USM pool for USM shared and device allocations. There is 1 memory
   // pool per each pair of (context, device) per each memory type.
   std::unordered_map<ze_device_handle_t, umf::pool_unique_handle_t>
diff --git a/source/adapters/level_zero/usm.cpp b/source/adapters/level_zero/usm.cpp
index 5296391794..b5e7a0242b 100644
--- a/source/adapters/level_zero/usm.cpp
+++ b/source/adapters/level_zero/usm.cpp
@@ -154,15 +154,26 @@ static ur_result_t USMAllocationMakeResident(
   } else {
     Devices.push_back(Device);
     if (ForceResidency == USMAllocationForceResidencyType::P2PDevices) {
-      ze_bool_t P2P;
-      for (const auto &D : Context->Devices) {
-        if (D == Device)
-          continue;
-        // TODO: Cache P2P devices for a context
-        ZE2UR_CALL(zeDeviceCanAccessPeer,
-                   (D->ZeDevice, Device->ZeDevice, &P2P));
-        if (P2P)
-          Devices.push_back(D);
+      // Check if the P2P devices are already cached
+      auto it = Context->P2PDeviceCache.find(Device);
+      if (it != Context->P2PDeviceCache.end()) {
+        // Use cached P2P devices
+        Devices.insert(Devices.end(), it->second.begin(), it->second.end());
+      } else {
+        // Query for P2P devices and update the cache
+        std::list<ur_device_handle_t> P2PDevices;
+        ze_bool_t P2P;
+        for (const auto &D : Context->Devices) {
+          if (D == Device)
+            continue;
+          ZE2UR_CALL(zeDeviceCanAccessPeer,
+                     (D->ZeDevice, Device->ZeDevice, &P2P));
+          if (P2P)
+            P2PDevices.push_back(D);
+        }
+        // Update the cache
+        Context->P2PDeviceCache[Device] = P2PDevices;
+        Devices.insert(Devices.end(), P2PDevices.begin(), P2PDevices.end());
       }
     }
   }