A system and method for filtering video noise is provided. Video generated under low lighting conditions is susceptible to increased noise and graininess, which increases the required storage space required for recording the noisy video. The provided system and method for filtering video noise reduces noise in low-light video by estimating the noise profile associated with at least one video frame; discriminating between chrominance noise and luminance noise in said noise profile; applying predetermined filter criteria to said chrominance noise to estimate the parameters for luminance noise filtering; applying said luminance noise filtering parameters to filter the luminance noise; and generating a first filtered output of a frame by logical combination of outputs obtained from luminance noise filter and chrominance noise filter.