In this work is presented new algorithm, called Truncated Hierarchical SVD, which is the advance of the algorithm Radix2×2 Hierarchical SVD, developed earlier by the authors of this paper. The new approach is aimed at the processing of sequences of correlated images, represented as 3 rd -order tensors. It is based on the multiple execution of SVD for elementary tensors (ЕТ) of size 222, which build the tensor of size NNN, when N=2 n . The new approach is compared here to closest famous hierarchical SVD method for ЕТ -the Sequential Unfolding SVD. The comparison proves, that the new algorithm has lower computational complexity. To reduce the computational complexity of the algorithm, here is used "truncation" of tensor components with small weights, based on new adaptive approach. As a result of the "truncation" and of the parallel implementation, the processing of image sequences, represented by 3 rd order tensors, is significantly accelerated. These advantages open new abilities for real-time application in image processing systems.