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Huge computational complexity of encoding multiview color video is one of the main challenges of putting 3D video systems into practical use. A fast encoding algorithm is proposed in this paper. The proposed algorithm combines a fast macroblock mode selection method and a fast prediction direction determination method. The fast macroblock mode selection method utilizes the macroblock modes of the corresponding macroblock and the macroblocks which surrounding it. The fast prediction direction determination method directly makes use of prediction direction of the corresponding macroblock. Simulation results demonstrate that the proposed fast algorithm promotes the encoding speed by 2.65~8.61 times in comparison with JMVM, while the algorithm hardly influences the RD performance.