In this paper we propose a Wavelet- based compression algorithm of HDTV video signals for the purpose of recording HDTV signals in the digital VTR. Comparing to the DCT- based compression method, which only yields unrecognizable DCT coefficients, the low frequency components of Wavelet coefficients maintain recognizable spatial domain information. So, it is more suitable for various VTR operations such as editing and multi-speed mode operations. Also, the adopted Wavelet filter can be Implemented with simple shift operations, which can reduce the computational complexities substantially. The quality of reconstructed HDTV signals with a 4:1 compression ratio turns out to be good enough for the studio use.