This dissertation analyzes and investigates the RTMFP (Real-Time Media Flow Protocol). Its principles and new features are elaborated. With comparison to the RTMP(Real-Time Media Protocol), its advantages in real-time communication field are also revealed. In addition, a peer-to-peer video communication application prototype based on ActionScript and Flash Media Server is implemented. Users can communicate with others through p2p networking. It provides a cheap and high-quality video communication solution with practicability and innovativeness.