A video encoding method, a video encoder, and a Personal Video Recorder (PVR) are disclosed. The PVR includes: a first video decoder for decoding an input MPEG-2 video signal, calculating reference picture information of the MPEG-2 video signal and a motion vector of a reference picture, and outputting the calculated result; a first video encoder for encoding the decoded MPEG-2 video signal into a H.264 video signal using the motion vector and the reference picture information generated from the first video decoder; and a storage unit for storing the H.264 video signal generated from the first video encoder. Therefore, the PVR can effectively transcode the MPEG-2 format image into the H.264 format image, can display a desired image or video signal without deterioration of an image quality, and can quickly transform a compression format of the image into another format.