A rate control (RC) algorithm for H.264 video coding with stored-B (SB) pictures is proposed for low-delay applications. Different models for P and SB pictures are defined for a better QP and MAD estimation. Furthermore, a novel saw-tooth shaped model of target buffer level has also been introduced for a proper bit allocation in GOP structures with SB pictures. Our experimental results show that this proposal outperforms the reference software RC in terms of buffer occupancy and target bit rate adjustment at the expense of slight quality reduction