A method for estimating SPO2 using only an ordinary RGB color camera without using infrared light required by general pulse oximeters has been developed. In the method, first, three video pulse waves based on RGB video signals obtained by photographing the palm with a white LED light source were acquired as accurately as possible, and then their AC and DC components were obtained. SPO2 was estimated from the interrelationship among the three types of ratios. In the experiment, healthy 91 participants were made to hold their breath for 20s to create changes in SPO2. True values of SPO2 obtained from the fingertip photoelectric pulse wave meter was compared with estimated values from the palm video image. The results performed from five trials of cross-validation demonstrated that the multiple regression model was superior to the optimization method for absorption coefficients.