Recently audio-visual speech recognition (AVSR), which better leverages video modality as additional information to extend automatic speech recognition (ASR), has shown promising results in complex acoustic environments. However, there is still substantial space to improve as complex computation of visual modules and ineffective fusion of audio-visual modalities. To eliminate these drawbacks, we propose a down-up sampling-based AVSR model (Hourglass-AVSR) to enjoy high efficiency and performance, whose time length is scaled during the intermediate processing, resembling an hourglass. Firstly, we propose a context and residual aware video upsampling approach to improve the recognition performance, which utilizes contextual information from visual representations and captures residual information between adjacent video frames. Secondly, we introduce a visual-audio alignment approach during the upsampling by explicitly incorporating boundary constraint loss. Besides, we propose a cross-layer attention fusion to capture the modality dependencies within each visual encoder layer. Experiments conducted on the MISP-AVSR dataset reveal that our proposed Hourglass-AVSR model outperforms ASR model by 12.9% and 20.8% relative concatenated minimum permutation character error rate (cpCER) reduction on far-field and middle-field test sets, respectively. Moreover, compared to other state-of-the-art AVSR models, our model exhibits the highest improvement in cpCER for the visual module. Furthermore, on the benefit of our down-up sampling approach, Hourglass-AVSR model reduces 54.2% overall computation costs with minor performance degradation.