Internet Protocol Set-Top Boxes (IP STBs) based on single-processor architectures have been recently introduced in the market. In this paper, the implementation of an MPEG-4 SP/ASP video decoder for a multi-format IP STB based on a TMS320DM641 DSP is presented. An initial decoder for PC platform was fully tested and ported to the DSP. Using this code an optimization process was started achieving a 90% speedup. This process allows real-time MPEG-4 SP/ASP decoding. The MPEG-4 decoder has been integrated in an IP STB and tested in a real environment using DVD movies and TV channels with excellent results.