The invention discloses a motion compensation method and apparatus of a video image, and relates to the field of video image processing. The method comprises: obtaining a video frame to be currently displayed through decoding from a received video stream and a next video frame; according to the frame type of the next video frame, the motion vector information of the obtained video frame to be currently displayed through the decoding and the motion vector information of the next video frame, estimating the motion vector at each pixel position between the video frame to be currently displayed and the next video frame; and according to the estimated motion vector, superposing the video frame to be currently displayed and the next video frame, and displaying a superposed video frame on a screen. According to the invention, an interframe motion vector is estimated directly according to a motion vector generated during video decoding, and motion compensation is carried out on the estimated motion vector, so that the huge computation amount caused by recalculation of the motion vector can be avoided, and real-time realization of software and hardware is facilitated.