Nowadays, the commonly used table lookup scheme for IP routing is based on the so-called classless interdomain routing (CIDR). With CIDR, routers must find out the best matching prefix (BMP) for IP packet forwarding, which complicates the IP lookup. Since the IP lookup performance is a major design issue for the new generation routers, we investigate the properties of the routing table and present a new IP lookup scheme. By adopting the extreme compression, the size of the forwarding table can be compressed to 360 Kbytes for a large routing table with 58,000 routing entries. It can accomplish one IPv4 route lookup within maximum nine memory accesses. Consequently, the data structure for the incremental update is introduced. With the new data structure, the proposed scheme can accomplish one route update within 500 ns. Even under the circumstance with 4000 route updates per second, the performance degradation is as low as 0.2 %.