In this paper, a real-time multiview video coding system using fast disparity estimation is proposed. In the multiview encoder, adaptive disparity-motion estimation (DME) for an effective 3-dimensional (3D) processing are proposed. That is, by adaptively predicting the mutual correlation between stereo images in the key-frame using the proposed algorithm, the bandwidth of stereo input images can be compressed to the level of a conventional 2D image and a predicted image also can be effectively reconstructed using a reference image and adaptive disparity vectors. Also, in multiview decoder, intermediate view reconstruction (IVR) using adaptive disparity search algorithm (DSA) for real-time multiview video processing is proposed. The proposed IVR can reduce a processing time of disparity estimation by selecting adaptively disparity search range. Accordingly, the proposed multiview video coding system is able to increase the efficiency of the coding rate and improve the resolution.