Systems and methods for accelerating AES encryption and decryption operations are provided. Aspects of the method may include time multiplexing a plurality of substitution boxes (S-boxes) for instantaneous key generation and byte substitution operations. Bytes may be substituted in at least a portion of a current security key information and at least a portion of a subsequent security key information within said plurality of S-boxes. The current security key may comprise 128 bits, 192 bits or 256 bits and the portion of the current security key may comprise 32 bits. The substituted portion of the security key information may be communicated to a key generator. The subsequent security key information may be generated utilizing the substituted portion of the current security key information. The current security key information may then be stored.