1. An image encoding device for receiving a color moving image signal composed of a plurality of color components as an input, dividing the color moving image signal into predetermined encoding unit areas for each of the plurality of color components, and using motion compensation prediction encoding to digitally compress the color moving image signal, comprising: a color component separating unit for separating an input bit stream for each of the plurality of color components; a block dividing unit for dividing an input color component signal into predetermined blocks to generate a signal of each of the encoding unit areas; a predicted image generating unit for generating a predicted image for the signal of each of the encoding unit areas according to at least one motion compensation prediction mode indicating a motion compensation prediction image generating method and a motion vector; a determining unit for determining a motion compensation prediction mode used for encoding and a corresponding motion vector according to a prediction efficiency of the motion compensation prediction image output from the predicted image generating unit; a prediction error encoding unit for encoding a difference between the predicted image corresponding to the motion compensation prediction mode determined by the determining unit and the input color component signal; and an encoding unit for variable length-coding the motion compensation prediction mode, the motion vector, an output from the prediction error encoding unit, and a color component identification flag indicating the color component to which the input bit stream belongs as a result of the color component separation, wherein: the predicted image generating unit generates the predicted image for each of the encoding unit areas at an accuracy up to a designated accuracy of a virtual pixel based on virtual pixel accuracy indication information indicating an upper accuracy limit of the virtual pixel used for generating the predicted image; the determining unit obtains the motion compensation prediction mode and the motion vector for each of the encoding unit areas at the accuracy up to the designated accuracy of the virtual pixel based on the virtual pixel accuracy indication information; and the encoding unit multiplexes the virtual pixel accuracy indication information in the bit stream and encodes the motion vector for each of the encoding unit areas based on the virtual pixel accuracy indication information to multiplex information obtained by encoding the motion compensation prediction mode and the prediction error in the bit stream.