High performance, low area multipliers are highly desired for modern and future DSP systems due to the increasing demand of high speed DSP applications. In this paper, we present an efficient architecture for an LUT-based truncated multiplier and its application in RGB to YCbCr color space conversion which can be used for digital TV, image and video processing systems. By employing an improved split LUT-based architecture and LUT optimization method, the proposed multiplier can reduce the value of area-delay product by up to 52% compared with other constant multiplier methods. The FPGA implementation of a color space conversion application employing the proposed multiplier also results in significant reduction of area-delay product of up to 48%.