When embed watermark into compressed video stream, distortion drift, including intraframe and inter-frame, is of the first important problem that must be taken into consideration. With the analysis of hierarchical b-picture (HBP) coding structure and drift-level mechanism, a new watermarking algorithm for 3D videos stream without distortion drift is proposed. Firstly the driftlevel of HBP coding structure is deeply investigated. Secondly, the spatiotemporal correlations of 3D videos are explored to increase the embedding capacity. Finally, the copyright information, which is preprocessed by secret sharing method, is embedded by matrix embedding method based on Error-correcting codes. Experimental results show that the proposed algorithm has higher embedding capacity and efficiency than the current algorithms.