High resolution and high refresh rate increase the pressure of wide transmission. Usually, video compression is used to solve this problem. However, traditional video compression methods cannot be performed in bit‐plane, which will increase the cost of storage area. For this reason, this paper first introduces a bit just noticeable difference (BJND) model based on bit‐plane. By analyzing the relationship between the bit‐plane, frequency and eccentricity, the bit just noticeable difference threshold of viewpoint is calculated. Finally, the just noticeable difference model applied to bit‐plane is obtained. Then this paper proposes a video compression scheme based on bit motion estimation algorithm, which optimizes the search range of motion estimation into two small rhombuses of time dimension and gray‐scale dimension. According to human visual system and probability statistical analysis, supplementary matching blocks are added to replace residual data, so that the compression ratio will be constant. The experimental results show that the proposed scheme has the best comprehensive effect on the compression of the lower five‐bit plane. The compression ratio is 1.385, the data transmission is constant, and there is no obvious difference between the restored image and the original image, which conforms to the intuitive perception of the human eye.