diff --git a/src/components/Image/ImageUriCache.js b/src/components/Image/ImageUriCache.js
new file mode 100644
index 00000000..84bfc1bd
--- /dev/null
+++ b/src/components/Image/ImageUriCache.js
@@ -0,0 +1,61 @@
+class ImageUriCache {
+  static _maximumEntries: number = 256;
+  static _entries = {};
+
+  static has(uri: string) {
+    const entries = ImageUriCache._entries;
+    const isDataUri = /^data:/.test(uri);
+    return isDataUri || Boolean(entries[uri]);
+  }
+
+  static add(uri: string) {
+    const entries = ImageUriCache._entries;
+    const lastUsedTimestamp = Date.now();
+    if (entries[uri]) {
+      entries[uri].lastUsedTimestamp = lastUsedTimestamp;
+      entries[uri].refCount += 1;
+    } else {
+      entries[uri] = {
+        lastUsedTimestamp,
+        refCount: 1
+      };
+    }
+  }
+
+  static remove(uri: string) {
+    const entries = ImageUriCache._entries;
+    if (entries[uri]) {
+      entries[uri].refCount -= 1;
+    }
+    // Free up entries when the cache is "full"
+    ImageUriCache._cleanUpIfNeeded();
+  }
+
+  static _cleanUpIfNeeded() {
+    const entries = ImageUriCache._entries;
+    const imageUris = Object.keys(entries);
+
+    if (imageUris.length + 1 > ImageUriCache._maximumEntries) {
+      let leastRecentlyUsedKey;
+      let leastRecentlyUsedEntry;
+
+      imageUris.forEach(uri => {
+        const entry = entries[uri];
+        if (
+          (!leastRecentlyUsedEntry ||
+            entry.lastUsedTimestamp < leastRecentlyUsedEntry.lastUsedTimestamp) &&
+          entry.refCount === 0
+        ) {
+          leastRecentlyUsedKey = uri;
+          leastRecentlyUsedEntry = entry;
+        }
+      });
+
+      if (leastRecentlyUsedKey) {
+        delete entries[leastRecentlyUsedKey];
+      }
+    }
+  }
+}
+
+module.exports = ImageUriCache;
diff --git a/src/components/Image/__tests__/index-test.js b/src/components/Image/__tests__/index-test.js
index 5e5210af..a9c90326 100644
--- a/src/components/Image/__tests__/index-test.js
+++ b/src/components/Image/__tests__/index-test.js
@@ -1,8 +1,9 @@
 /* eslint-env jasmine, jest */
 
 import Image from '../';
+import ImageUriCache from '../ImageUriCache';
 import React from 'react';
-import { render } from 'enzyme';
+import { mount, render } from 'enzyme';
 
 const originalImage = window.Image;
 
@@ -88,6 +89,32 @@ describe('components/Image', () => {
     });
   });
 
+  describe('prop "source"', () => {
+    test('is not set immediately if the image has not already been loaded', () => {
+      const uri = 'https://google.com/favicon.ico';
+      const source = { uri };
+      const component = render(<Image source={source} />);
+      expect(component.find('img')).toBeUndefined;
+    });
+
+    test('is set immediately if the image has already been loaded', () => {
+      const uriOne = 'https://google.com/favicon.ico';
+      const uriTwo = 'https://twitter.com/favicon.ico';
+      ImageUriCache.add(uriOne);
+      ImageUriCache.add(uriTwo);
+
+      // initial render
+      const component = mount(<Image source={{ uri: uriOne }} />);
+      ImageUriCache.remove(uriOne);
+      expect(component.render().find('img').attr('src')).toBe(uriOne);
+
+      // props update
+      component.setProps({ source: { uri: uriTwo } });
+      ImageUriCache.remove(uriTwo);
+      expect(component.render().find('img').attr('src')).toBe(uriTwo);
+    });
+  });
+
   describe('prop "style"', () => {
     test('correctly supports "resizeMode" property', () => {
       const component = render(<Image style={{ resizeMode: Image.resizeMode.contain }} />);
diff --git a/src/components/Image/index.js b/src/components/Image/index.js
index 79d210c3..e3528884 100644
--- a/src/components/Image/index.js
+++ b/src/components/Image/index.js
@@ -1,9 +1,10 @@
 /* global window */
 import applyNativeMethods from '../../modules/applyNativeMethods';
 import createDOMElement from '../../modules/createDOMElement';
-import ImageResizeMode from './ImageResizeMode';
 import ImageLoader from '../../modules/ImageLoader';
+import ImageResizeMode from './ImageResizeMode';
 import ImageStylePropTypes from './ImageStylePropTypes';
+import ImageUriCache from './ImageUriCache';
 import requestIdleCallback, { cancelIdleCallback } from '../../modules/requestIdleCallback';
 import StyleSheet from '../../apis/StyleSheet';
 import StyleSheetPropType from '../../propTypes/StyleSheetPropType';
@@ -29,6 +30,10 @@ const ImageSourcePropType = oneOfType([
   string
 ]);
 
+const getImageState = (uri, isPreviouslyLoaded) => {
+  return isPreviouslyLoaded ? STATUS_LOADED : uri ? STATUS_PENDING : STATUS_IDLE;
+};
+
 const resolveAssetDimensions = source => {
   if (typeof source === 'object') {
     const { height, width } = source;
@@ -73,17 +78,20 @@ class Image extends Component {
 
   constructor(props, context) {
     super(props, context);
-    this.state = { shouldDisplaySource: false };
+    // If an image has been loaded before, render it immediately
     const uri = resolveAssetSource(props.source);
-    this._imageState = uri ? STATUS_PENDING : STATUS_IDLE;
+    const isPreviouslyLoaded = ImageUriCache.has(uri);
+    this.state = { shouldDisplaySource: isPreviouslyLoaded };
+    this._imageState = getImageState(uri, isPreviouslyLoaded);
+    isPreviouslyLoaded && ImageUriCache.add(uri);
     this._isMounted = false;
   }
 
   componentDidMount() {
+    this._isMounted = true;
     if (this._imageState === STATUS_PENDING) {
       this._createImageLoader();
     }
-    this._isMounted = true;
   }
 
   componentDidUpdate() {
@@ -93,13 +101,18 @@ class Image extends Component {
   }
 
   componentWillReceiveProps(nextProps) {
+    const uri = resolveAssetSource(this.props.source);
     const nextUri = resolveAssetSource(nextProps.source);
-    if (resolveAssetSource(this.props.source) !== nextUri) {
-      this._updateImageState(nextUri ? STATUS_PENDING : STATUS_IDLE);
+    if (uri !== nextUri) {
+      ImageUriCache.remove(uri);
+      const isPreviouslyLoaded = ImageUriCache.has(nextUri);
+      isPreviouslyLoaded && ImageUriCache.add(uri);
+      this._updateImageState(getImageState(uri, isPreviouslyLoaded));
     }
   }
 
   componentWillUnmount() {
+    ImageUriCache.remove(resolveAssetSource(this.props.source));
     this._destroyImageLoader();
     this._isMounted = false;
   }
@@ -164,8 +177,8 @@ class Image extends Component {
   }
 
   _createImageLoader() {
+    this._destroyImageLoader();
     this._loadRequest = requestIdleCallback(() => {
-      this._destroyImageLoader();
       const uri = resolveAssetSource(this.props.source);
       this._imageRequestId = ImageLoader.load(uri, this._onLoad, this._onError);
       this._onLoadStart();
@@ -198,9 +211,9 @@ class Image extends Component {
   };
 
   _onLoad = e => {
-    const { onLoad } = this.props;
+    const { onLoad, source } = this.props;
     const event = { nativeEvent: e };
-
+    ImageUriCache.add(resolveAssetSource(source));
     this._updateImageState(STATUS_LOADED);
     if (onLoad) {
       onLoad(event);