Information hiding techniques adopted in secret communication should meet the requirements of high hiding capacity, real-time and high robustness. For the purpose of real-time speech secure communication, an information hiding algorithm based on the analysis-by-synthesis (ABS) speech coding scheme is presented in this article. This algorithm substitutes secret speech data bits for linear predictive coefficients (LPCs) in linear predictive coding (LPC). Statistics show that the change of voiced signal track is slow and the codebook for LPCs vector is large in ABS coding scheme. Therefore, a new concept, filter similarity, is proposed to determine the LPC parameters for substituting with secret speech information, and to generate multi-codebook for saving storage space to store secret speech information. To achieve the best effects of information hiding, a dynamic threshold is built to make an optimal trade-off among hiding-capacity, security, robustness, transparence and real time. Experiments show that the proposed approach meets the requirements of information hiding and secret communication speech quality. The test results indicate that this approach reaches high hiding capacity with an excellent speech quality and complicating speakersrecognition.