In this paper we address the problem of cache replacement for transcoding proxy caching. First, an efficient cache replacement algorithm is proposed. Our algorithm considers both the aggregate effect of caching multiple versions of the same multimedia object and cache consistency. Second, a complexity analysis is presented to show the efficiency of our algorithm. Finally, some preliminary simulation experiments are conducted to compare the performance of our algorithm with some existing algorithms. The results show that our algorithm outperforms others in terms of the various performance metrics.