The divergence of computers, internet, and wide variety of interactive video devices, in most of the multimedia applications, all using different color representations, is forcing the digital designer today to convert between them. The objective is to have a converter, which will be useful for number of applications with a basic function of converting from one color space to another and the inverse on same architecture. This paper presents an efficient parallel multiplierless implementation for two color space converters (RGB to YCbCr and YCbCr to RGB). The proposed architecture is based on distributed arithmetic (DA) principles which has been implemented on the Xilinx Spartan-3E XC3S500 FPGA using fewer resources. The implementation approach exhibits better performances when compared with existing implementations, Modifications have been carried out in DA to reduce the hardware complexity with better performance in area, latency and throughput.