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The main objective of the MPEG Reconfigurable Video Coding (RVC) standard is to establish a framework for a more flexible usage of standard video coding technology. The framework not only supports multiple standards and new coding configurations, but also provides an incremental and modular approach to innovation in video compression development and design. This paper provides an overview of the main objectives of RVC, standard accompanied with a presentation of the components of the framework for both normative parts and supporting tools useful for the final implementation of RVC codecs. These elements include: the Video Tool Library (VTL), the new standard RVC–CAL language used for the specification of the library, the Bitstream Syntax Description (BSD) used for the specification of the compressed bitstreams, as well as the Functional unit Network Description (FND) that constitutes the specification of a modular library. Technologies and tools that support the RVC standard are also briefly introduced.