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In the new video coding standard H.264/AVC, motion estimation (ME) is allowed to search multiple reference frames. Therefore, the required computation is highly increased, and it is in proportion to the number of searched reference frames. However, the reduction in prediction residues is mostly dependent on the nature of sequences, not on the number of searched frames. Sometimes the prediction residues can be greatly reduced, but frequently a lot of computation is wasted without achieving any better coding performance. In this paper, we propose a context-based adaptive method to speed up the multiple reference frames ME. Statistical analysis is first applied to the available information for each macroblock (MB) after intra-prediction and inter-prediction from the previous frame. Context-based adaptive criteria are then derived to determine whether it is necessary to search more reference frames. The reference frame selection criteria are related to selected MB modes, inter-prediction residues, intra-prediction residues, motion vectors of subpartitioned blocks, and quantization parameters. Many available standard video sequences are tested as examples. The simulation results show that the proposed algorithm can maintain competitively the same video quality as exhaustive search of multiple reference frames. Meanwhile, 76 %-96 % of computation for searching unnecessary reference frames can be avoided. Moreover, our fast reference frame selection is orthogonal to conventional fast block matching algorithms, and they can be easily combined to achieve further efficient implementations.