In this paper, we propose a noise reduction and hole removal algorithm in order to improve the quality of depth images when they are used for creating 3D contents. In the proposed algorithm, the depth image and the corresponding color image are both used. First, an intensity image is generated by converting the RGB color space into the HSI color space. By estimating the difference of distance and depth between reference and neighbor pixels from the depth image and difference of intensity values from the color image, they are used to remove noise in the proposed algorithm. Then, the proposed hole filling method fills the detected holes with the difference of euclidean distance and intensity values between reference and neighbor pixels from the color image. Finally, we apply a parallel structure of GPGPU to the proposed algorithm to speed-up its processing time for real-time applications. The experimental results show that the proposed algorithm performs better than other conventional algorithms. Especially, the proposed algorithm is more effective in reducing edge blurring effect and removing noise and holes.