The high computational cost and slow inference time are major obstacles to deploying the video diffusion model (VDM) in practical applications. To overcome this, we introduce a new Video Diffusion Model Compression approach using individual content and motion dynamics preserved pruning and consistency loss. First, we empirically observe that deeper VDM layers are crucial for maintaining the quality of \textbf{motion dynamics} e.g., coherence of the entire video, while shallower layers are more focused on \textbf{individual content} e.g., individual frames. Therefore, we prune redundant blocks from the shallower layers while preserving more of the deeper layers, resulting in a lightweight VDM variant called VDMini. Additionally, we propose an \textbf{Individual Content and Motion Dynamics (ICMD)} Consistency Loss to gain comparable generation performance as larger VDM, i.e., the teacher to VDMini i.e., the student. Particularly, we first use the Individual Content Distillation (ICD) Loss to ensure consistency in the features of each generated frame between the teacher and student models. Next, we introduce a Multi-frame Content Adversarial (MCA) Loss to enhance the motion dynamics across the generated video as a whole. This method significantly accelerates inference time while maintaining high-quality video generation. Extensive experiments demonstrate the effectiveness of our VDMini on two important video generation tasks, Text-to-Video (T2V) and Image-to-Video (I2V), where we respectively achieve an average 2.5 $\times$ and 1.4 $\times$ speed up for the I2V method SF-V and the T2V method T2V-Turbo-v2, while maintaining the quality of the generated videos on two benchmarks, i.e., UCF101 and VBench.