Modern embedded portable devices usually have to deal with large amounts of video data. Due to massive floating-point multiplications, the color space conversion is inefficient on the embedded processor. Considering the characteristics of RGB to YCbCr color space conversion, this paper proposed a strategy for truncated-based LUT Multiplier (T-LUT Multiplier). On this base, an original approach converting RGB to YCbCr is presented which employs the T-LUT Multiplier and the pipeline-based adder. Experimental results demonstrate that the proposed method can obtain maximum operating frequency of 358MHz, 3.5 times faster than the direct method. Furthermore, the power consumption is less than that of the general method approximately by 15%~27%.