In　the　demand　of　compounding　transmission　with　SD　and　HD　programs,　based　on　analyzing　two　kind　of　multiplexing　models＇　characteristic　with　monopolizing　buffer　and　sharing　buffer,　it　proposes　a　kind　of　highly　effective　multiplexing　strategy　for　multi-channel　MPEG-2/AVS　real-time　stream.　As　is　indicated　by　theoretical　derivation　and　simulated　result,　this　strategy　can　multiplex　the　greatest　data　quantity,　without　transmitting　loss　and　with　the　least　resource,　thus　is　more　advantageous　in　raising　channel　utilization.