The data transmission with information hiding is a challenging task in today world. To protect the secret data or image from attackers, the steganography techniques are essential. The steganography is a process of hiding the information from one channel to another in data communication. In this research work, Design of an Efficient Steganography Model using Lifting Based DWT and Modified-LSB Method on FPGA is proposed. The stegano module includes DWT (Discrete Wavelet Transformation) with lifting scheme for the cover image and encryption with Bit mapping for a secret image, an embedded module using Modified Least Significant Bit (MLSB) Method, and Inverse DWT to generate the stegano image. The recovery module includes DWT, decoding module with pixel extraction and bit retrievals, and decryption to generate the recovered secret image. The steganography model is designed using Verilog-HDL on Xilinx platform and implemented with Artix-7 Field Programmable Gate Array (FPGA). The hardware resource constraints like Area, time, and power utilization of the proposed model results are tabulated. The performance analysis of the work is evaluated using Peak Signal to Noise Ratio (PSNR) and Mean Square Error (MSE) Ratio for a different cover and secret images with better quality. The proposed steganography model operates at high speed, which improves communication performance.