A method for fast multiple reference frame motion estimation, which is used to perform motion estimation between a current frame and reference frames Fn−1, Fn−2, . . . , Fn−k. The method performs a special block matching to find a plurality of motion vectors for blocks of each frame with respective to a previous frame and then composes motion vector(s) of the current frame referring to the reference frame Fn−(k−1) and a motion vector of the reference frame Fn−(k−1) referring to the reference frame Fn−k into composed motion vectors of the current frame referring to the reference frame Fn−k for the block in the current frame. The method selects a composed motion vector with a minimum of cost function from the composed motion vectors produced when composing the motion vectors and then finely adjusts the composed motion vector selected, thereby obtaining an adjusted motion vector.