In this paper, we propose a hybrid watermarking algorithm for an MPEG bitstream. Our hybrid watermarking technique uses a spread spectrum technique for I-frames and a motion vector technique for P- and B-frames. Thus, the proposed algorithm makes it possible to watermark all MPEG frames. By applying this technique, it is possible not only to protect intellectual property rights but also be robust against various kinds of attacks to remove watermark. And this scheme requires only partial decoding of an MPEG bitstream, so it is applicable to real-time watermarking applications.