This paper presents a dynamic energy management policy for a wireless video streaming system, consisting of battery-powered client and server. The paper starts from the observation that the video quality in wireless streaming is a function of three factors: encoding aptitude of the server, decoding aptitude of the client, and the wireless channel. Based on this observation, the energy consumption of a wireless video streaming system is modeled and analyzed. Using the proposed model, the optimal energy assignment to each video frame is done such that the maximum system lifetime is achieved while satisfying a given minimum video quality requirement. Experimental results show that the proposed policy increases the system lifetime by 20%.