The emergence of Phase-Change Memory (PCM) provides opportunities for directly connecting persistent memory to main memory bus. While PCM achieves high read throughput and low standby power, the critical concerns are its poor write performance and limited durability, especially when compared to DRAM. A naturally inspired design is the hybrid memory architecture that fuses DRAM and PCM, so as to exploit the positive aspects of both types of memory. Unfortunately, existing solutions are seriously challenged by the limited main memory size, which is the primary bottleneck of in-memory computing. In this paper, we introduce a novel Content Aware hybrid PCM/ DRAM main memory system framework—CARAM, which exploits deduplication to improve line sharing with high memory efficiency. CARAM effectively reduces write traffic to hybrid memory by removing unnecessary duplicate line writes. It also substantially extends available free memory space by coalescing redundant lines in hybrid memory, thereby further improving the wear-leveling efficiency of PCM. To obtain high data access performance, we also design a set of acceleration techniques to minimize the overhead caused by extra computation costs. Our experiment results show that CARAM effectively reduces 15%–42% of memory usage and improves I/O bandwidth by 13%–116%, while saving 31%–38% energy consumption, compared to the state-of-the-art of hybrid systems.