The emerging 5G mobile networks are essential enablers for mobile virtual reality (VR) video streaming applications assuring high quality of experience (QoE) at the end-user. In addition, mobile edge computing brings computational resources closer to the user equipment (UE), which allows offloading computationally intensive processing. In this paper, we consider a network architecture for mobile VR video streaming applications consisting of a server that holds the VR video content, a mobile edge virtualization with prefetching (MVP) unit that handles the VR video packets, and a head-mounted display along with a buffer, which together serve as the UE. Several modulation and coding schemes with different rates are provided by the MVP unit to adaptively cope with the varying wireless link conditions to the UE and the state of the UE buffer. The UE buffer caches VR video packets as needed to compensate for the adaptive rates. A performance analysis is conducted in terms of blocking probability, throughput, queueing delay, and average packet error rate. To capture the effect of fading severity, the analytical expressions for these performance metrics are derived for Nakagami-m fading on the wireless link from the MVP unit to the UE. Numerical results show that the proposed system meets the network requirements needed to assure the QoE levels of different mobile VR video streaming applications. © 2022 by the authors. Licensee MDPI, Basel, Switzerland.