The problem of information security and copyright protection of video is becoming increasingly prominent. The current video watermarking algorithm does not have strong anti-compression, which has a significant impact on the visual effect of video. To solve this problem, this paper proposes a video watermarking algorithm based on H.264/AVC. The algorithm combines the non-zero quantization coefficient and the energy factor to select the appropriate chroma subblock, and then an optimized modulation is designed to embed the watermark into its DCT quantization coefficients in order to minimize the number of modifications of the subblocks. The invisibility and robustness experiments of the algorithm are conducted in the paper, and the Structural Similarity Indexes are above 0.99, and the False Bit Rates are all below 0.03. The results show that the algorithm has good invisibility, anti-compression performance and obvious advantages compared with other similar methods.