We demonstrate that the metamaterial perfect absorber behaves as a meta-cavity bounded between a resonant metasurface and a metallic thin-film reflector. The perfect absorption is achieved by the Fabry-Perot cavity resonance via multiple reflections between the "quasi-open" boundary of resonator and the "close" boundary of reflector. The characteristic features including angle independence, ultra-thin thickness and strong field localization can be well explained by this meta-cavity model. With this model, metamaterial perfect absorber can be redefined as a meta-cavity exhibiting high Q-factor, strong field enhancement and extremely high photonic density of states, thereby promising novel applications for high performance sensor, infrared photodetector and cavity quantum electrodynamics devices.