In this paper, we propose an efficient requantization method for transcoding of MPEG video. Transcoding is the process of converting a compressed video format to another different compressed video format. We propose an simple and efficient transcoding by requantization in which MPEG coded video at high bit-rate is converted into MPEG bitstream at lower bit-rate. To reduce a image quality degradation, we use HVS (Human Visual System). By using this effect, the part of image in high activity region is coarsely quantized without seriously degrading the image quality. Experimental results show that the proposed method can provide good performance.