This paper describes a methodology for rate control in Motion JPEG2000. Rate control on the chosen frame(s) of the sequence is first carried out under the “Chosen-Frame-Rate-Allocator” (CFRA) Phase. The CFRA phase progresses in tandem with the main compression process, under which the initial prediction of “Distortion-Rate” (RD) slopes for coding data from all code-blocks is followed by a greedy approach for rate allocation within the chosen frame(s). In the next phase, referred to as the “Adaptation Phase”, the Motion JPEG2000 rate allocator uses an elegant adaptation of the Lagrangian multiplier across frames, to achieve rate allocation for the remaining frames, i. e. other than those involved in the CFRA phase. Details on the methodology and the resulting computational savings have been covered in the paper.