The video is one of the most useful and most appealing medium to represent some information. More usage of digital multi-media via communications media, wireless communications, intranet, internet and cellular mobile leads to the uncontrollable growth of data in media. The video compression technique is used in this research work to improve the processing speed of the entire system. In this work, Low Cost - Multi Video Coding - Hybrid Compression and Decompression (LC-MVC-HCD) method is used to reduce computation complexity. The combinational of Discrete Wavelet Transform (DWT) and Discrete Cosine Transform (DCT) algorithms are denoted as hybrid algorithm. Based on this hybrid algorithm, the compression process is performing which improves the video coding efficiency of MVC. The LC-MVC-HCD methodwas implemented in the Matlab, Xilinx and Cadence tool. In Application Specific Integrated Circuit (ASIC) implementation, the area, power, and delay minimized by using the cadence encounter tool with 180nm and 45nm technology. In Field Programmable Gate Array (FPGA) implementation, the number of Lookup Tables (LUTs), slice, and flip-flop are minimized based on two different kinds of Virtex devices such as Virtex -6 and Virtex-7. In Matlab, Peak Signal to Noise Ratio (PSNR), computational time and bit error rate were analyzed for the LC-MVC-HCD method. The experimental outcome showed that the proposed methodology has improved performance ASIC and FPGA up to 2-3% compared to existing methods like Direct mode decision MVC and LC-MVC-DWT.