The present invention relates to a high-speed motion compensation apparatus and method. The high-speed motion compensation apparatus for H.264/AVC includes a bus interface unit for reading a plurality of word addresses from an external storage device, aligning the reference pixels arranged over the plurality of word addresses, temporarily storing the aligned reference pixels, and sequentially outputting the aligned and temporarily stored reference pixels. A buffer unit temporarily stores overlapping reference pixels, which are repeatedly used to generate the sub-pixels, among the reference pixels output from the bus interface unit. An interpolation unit generates first half pixels, second half pixels, first quarter pixels, and second quarter pixels, using the reference pixels output from the bus interface unit. A chroma filter unit generates chrome pixels using the reference pixels output from the bus interface unit.Therefore, the high-speed motion compensation apparatus is advantageous in that the number of accesses to memory can be reduced, and reference pixels are prevented from being repeatedly read, thus enabling motion compensation to be performed at high speed.