In this paper, we propose a new Frame Rate Up-Conversion (FRUC) method based on Quaternion Wavelet Transform (QWT) to reduce the computational complexity and to improve the peak signal-to-noise ratio (PSNR) performance. The proposed QWT based method enhance the frame rate of video sequence, using Motion Compensated Frame Interpolation (MCFI). This paper considers the motion estimation using the phase of image sequences which leads to a remarkable PSNR value. We have used our proposed method to enhance temporal resolution of B-mode echocardiography image sequences to cope with the low frame rate of B-mode sequences. Simulation results demonstrate the performance of our proposed method on benchmark image sequences.