The invention provides a fractal-based binocular stereoscopic video compression and decompression method. In binocular stereoscopic video coding, a left channel is taken as a basic layer, a single motion compensation predictive mode (MCP) is adopted for coding, and the method comprises the following steps of: performing block DCT transformation coding on a left-eye start frame, performing motion estimation/compensation coding on a left-eye non-I frame, and calculating the pixel sum and the sum of squares of pixels of subblock domain and father block domain-related subblocks; searching the most similar matching block by using a full search method in a previous frame, namely a reference frame searching window of left-eye video; and finally compressing the coefficient of an iterated function system by using a Huffman coding method. A right channel is taken as an enhancement layer, the MCP and a parallax compensation predictive mode (DCP) are adopted for coding, and the lowest error is selected as a predicted result. During the DCP coding mode, the polalization and directionality in a stereoscopic parallel shooting structure are fully utilized; and the corresponding decompression process comprises the following steps of: for the left eye, decoding the start frame I by adopting a reverse DCT transformation mode, and performing Huffman decoding on the non-I frame so as to acquire the coefficient of the iterated function system; performing macrolbock-based decoding, calculating the pixel sum and the sum of squares of pixels of father block domain-related subblocks in the previous frame; and for a right eye, calculating the pixel sum and the sum of squares of pixels of the father block domain-related subblocks in the right-eye previous frame and a left-eye corresponding frame.