As one stream standard which will be produced by the ITU-T & ISO in the future, Draft JVT (joint video team) is a new video-audio coding standard. Its goal is to produce a significant compression performance relative to all the existing video coding standards in bit saving, procession quality and compression efficiency by some measures which include slice technology, high resolution variable pixels, different block sizes and shapes, intra/inter prediction and coding from multiple reference pictures, etc. On the other hand, JVT would be designed to offer a transparent translation over different networks and increase network friendliness by information encapsulation and precedence control technologies. Although the basic coding framework of the standard is similar to that of currently popular video standards, JVT includes many new coding features which are presented in the paper. First, a broad view on video-audio coding standards is given. Second, the structure of JVT is presented. Then, both the detailed technologies which improve on coding efficiency of the VCL (video coding layer) and the key terms which are used in NAL (network abstraction layer) are introduced, which is the core in the paper. Finally, the current problems and the challenges of JVT抯 future research are discussed and analyzed.