The objective of this paper is to provide a review of the recent developments in HEVC standardization, particularly focusing on the key features of hybrid coding tools and gives theoretical analysis, summaries of the technological advancements, and compares its performance with the H.264/ MPEG-4 AVC high-profile standard. High Efficiency Video Coding (HEVC) is a proposed and under development new generation of video compression standard, which enables substantially higher compression capability than the existing state-of-the-art video coding standard and exhibit superior coding performance improvements over its predecessors.