Smartphone camera is a very powerful sensor for many intelligent applications. But it is difficult to obtain a stable video quality in an unstable motion environment. In this case, robust and fast video stabilization algorithm is necessary for some intelligent applications on smartphone. A novel rapid and efficient video stabilization algorithm is proposed in this paper. The proposed algorithm not only obtains good visual effect, but can also be implemented in real-time on mobile platforms with limited computational resource. Our algorithm can process about 2.9ms per frame with QVGA video format on the mobile platform. The experimental results show the proposed method has similar video stabilization effect with the Optical Image Stabilization (OIS) hardware. The proposed algorithm can support many camera applications for smartphone.