High processing speed is required to support computation intensive applications. Cache memory is used to improve processing speed by reducing the speed gap between the fast processing core and slow main memory. However, the problem of adopting cache into computing systems is twofold: cache is power hungry (that challenges energy constraints) and cache introduces execution time unpredictability (that challenges supporting real-time multimedia applications). Recently published articles suggest that using cache locking improves predictability. However, increased cache activities due to aggressive cache locking make the system consume more energy and become less efficient. In this paper, we investigate the impact of cache parameters and cache locking on power consumption and performance for real-time multimedia applications running on low-power devices. In this work, we consider Intel Pentium-like single-processor and Xeon-like multicore architectures, both with two-level cache memory hierarchy, using three popular multimedia applications: MPEG-4 (the global video coding standard), H.264/AVC (the network friendly video coding standard), and recently introduced H.265/HEVC (for improved video quality and data compression ratio). Experimental results show that cache locking mechanism added to an optimized cache memory structure is very promising to increase the performance/power ratio of low-power systems running multimedia applications. According to the simulation results, performance can be improved by decreasing cache miss rate down to 36 % and the total power consumption can be saved up to 33 %. It is also observed that H.265/HEVC has significant performance advantage over H.264/AVC (and MPEG-4) for smaller caches.