A stereo graphics system based on depth-based image rendering is disclosed. A master pipeline renders a first image from graphics data and derives a depth image relating to the first image. A rendering unit accesses the first image and the depth image from the master pipeline and renders a second image based on the first image and the depth image. First and second frame buffers retrieves and stores the first and second images, and a compositor accesses the first and second images from the frame buffers and combines the images to generate a resulting image.