The invention discloses an object and fractal-based multi-ocular three-dimensional video compressing and decompressing method. In multi-ocular three-dimensional video encoding, a middle ocular video is selected as a reference ocular video and is compressed by using a motion compensation prediction (MCP) principle; and other ocular videos are compressed by using a disparity compensation prediction(DCP)+MCP-based principle. Taking a trinocular video as an example, the middle ocular video is selected as the reference ocular video and is encoded by using a single MCP mode principle, wherein the method comprises the following steps of: first, acquiring a video object segmentation plane, namely an Alpha plane, by a video segmentation method, encoding a start frame by adopting discrete cosine transform (DCT), and performing block motion estimation / compensation encoding on a non-I frame; then, judging the area attribute of an image block by utilizing the Alpha plane, if the block is not in acurrently encoded video object area, then not processing the external block, and if all of the block is in the currently encoded video object area, searching a most similar matching block in a reference frame of a previous frame, namely the middle ocular video, by a full search method; and finally, compressing coefficients of an iteration function system by utilizing a Huffman encoding method, ifpart pixels of the block are in the currently encoded video object area while part pixels are not in the currently encoded video object area, independently processing a boundary block. A left ocular video and a right ocular video are respectively encoded by adopting the MCP+DCP mode; and when the DCP encoding mode is performed, the polarization and the direction in a three-dimensional parallel camera structure are fully utilized.