Disclosed is a system and method for supporting real-time packetization of multimedia information and retransmission of lost multimedia packets over a packet network, and the method includes the steps of: packetizing multimedia bitstrems into a plurality of transmission packets according to a predetermined scheme; storing copies of the transmission packets for a predetermined time period; transmitting the transmission packets in sequence to the client; detecting lost packets; sending retransmission requests to the server upon detection of a lost packet; and, retransmitting copies of lost packets, which are stored in the server memory within a predetermined time period, to the client system.