In this paper, we propose an efficient requantization method for INTRA-frames in MPEG-1/MPEG-4 transcoding. The quantizer for an MPEG-1 INTRA block usually uses a quantization weighting matrix, while the quantizer for an MPEG-4 simple profile does not. As a result, the quantization step sizes of the two quantizers may not be the same even for the same quantization parameter. Due to this mismatch in the quantization step size, a transcoded MPEG-4 sequence can suffer from serious quality degradation and the number of bits produced by transcoding increases from the original MPEG-1 video sequence. To solve these problems, an efficient method is proposed to identify a near-optimum reconstruction level in the transcoder. In addition, a Laplacian-model based PDF (probability distribution function) estimation for the original DCT coefficients from an input MPEG-I bitstream is presented, which is required for the proposed requantization. Experimental results show that the proposed method provides a 0.3-0.7dB improvement in the PSNR over the conventional method, even at a reduced bit-rate of 3-7%.