Concurrently exploring both algorithmic and architectural optimizations is a new design paradigm. This survey paper addresses the latest research and future perspectives on the simultaneous development of video coding, processing, and computing algorithms with emerging platforms that have multiple cores and reconfigurable architecture. As the algorithms in forthcoming visual systems become increasingly complex, many applications must have different profiles with different levels of performance. Hence, with expectations that the visual experience in the future will become continuously better, it is critical that advanced platforms provide higher performance, better flexibility, and lower power consumption. To achieve these goals, algorithm and architecture co-design is significant for characterizing the algorithmic complexity used to optimize targeted architecture. This paper shows that seamless weaving of the development of previously autonomous visual computing algorithms and multicore or reconfigurable architectures will unavoidably become the leading trend in the future of video technology.