Automated video object recognition is a topic of emerging importance in both defense and civilian applications. This work describes an accurate and low-power neuromorphic architecture and system for real-time automated video object recognition. Our system, Neuormorphic Visual Understanding of Scenes (NEOVUS), is inspired by computational neuroscience models of feed-forward object detection and classification pipelines for processing visual data. The NEOVUS architecture is inspired by the ventral (what) and dorsal (where) streams of the mammalian visual pathway and integrates retinal processing, object detection based on form and motion modeling, and object classification based on convolutional neural networks. The object recognition performance and energy use of the NEOVUS was evaluated by the Defense Advanced Research Projects Agency (DARPA) under the Neovision2 program using three urban area video datasets collected from a mix of stationary and moving platforms. These datasets are challenging and include a large number of objects of different types in cluttered scenes, with varying illumination and occlusion conditions. In a systematic evaluation of five different teams by DARPA on these datasets, the NEOVUS demonstrated the best performance with high object recognition accuracy and the lowest energy consumption. Its energy use was three orders of magnitude lower than two independent state of the art baseline computer vision systems. The dynamic power requirement for the complete system mapped to commercial off-the-shelf (COTS) hardware that includes a 5.6 Megapixel color camera processed by object detection and classification algorithms at 30 frames per second was measured at 21.7 Watts (W), for an effective energy consumption of 5.45 nanoJoules (nJ) per bit of incoming video. These unprecedented results show that the NEOVUS has the potential to revolutionize automated video object recognition toward enabling practical low-power and mobile video processing applications.