Cost-volume filtering (CVF) is one of the most widely used techniques for solving general multi-labeling problems based on a Markov random field (MRF). However it is inefficient when the label space size (i.e., the number of labels) is large. This paper presents a coarse-to-fine strategy for cost-volume filtering that efficiently and accurately addresses multi-labeling problems with a large label space size. Based on the observation that true labels at the same coordinates in images of different scales are highly correlated, we truncate unimportant labels for cost-volume filtering by leveraging the labeling output of lower scales. Experimental results show that our algorithm achieves much higher efficiency than the original CVF method while maintaining a comparable level of accuracy. Although we performed experiments that deal with only stereo matching and optical flow estimation, the proposed method can be employed in many other applications because of the applicability of CVF to general discrete pixel-labeling problems based on an MRF.