Data Storage and Communication plays a significant role in every human. Digital images and videos are stored in mobile and other storage devices. More specifically, video data requires huge amount of storage space for which the storage devices are more expensive. Hence there is a necessity of reducing the storage space of the data. Video compression is more common in all researches. In this work, the role of wavelets in video compression is studied. The temporal redundant data are converted to spatial data which are then transformed to wavelet coefficients. The low frequency components are removed from these wavelet coefficients. The proposed method is tested with some video sequences. The performance of the proposed method is analyzed by comparing it with the existing recent methods and with the state-ofart H.265 video coding standard. The experimental results substantially proved that the proposed method achieves 3.8dB higher PSNR than H.265 and 1.6dB higher PSNR than recent wavelet based video codecs.