With the increasing in demand on location-based aware services and RFIDs, efficient processing of continuous queries over moving object streams becomes important. In this paper, we propose an efficient in-memory processing of continuous queries on the moving object streams. We model moving objects using function of time and use it in the prediction of usefulness of objects with respect to the continuous queries. To effectively utilize the limited memory, we derive several replacement policies to discard objects that are of no potential interest to the queries and design efficient algorithms with light data structures. Experimental studies are conducted and the results show that our proposed method is both memory and query efficient.