Current video representations heavily rely on unstable and over-grained priors for motion and appearance modelling, \emph{i.e.}, pixel-level matching and tracking. A tracking error of just a few pixels would lead to the collapse of the visual object representation, not to mention occlusions and large motion frequently occurring in videos. To overcome the above mentioned vulnerability, this work proposes spatio-temporally consistent proxy nodes to represent dynamically changing objects/scenes in the video. On the one hand, the hierarchical proxy nodes have the ability to stably express the multi-scale structure of visual objects, so they are not affected by accumulated tracking error, long-term motion, occlusion, and viewpoint variation. On the other hand, the dynamic representation update mechanism of the proxy nodes adequately leverages spatio-temporal priors of the video to mitigate the impact of inaccurate trackers, thereby effectively handling drastic changes in scenes and objects. Additionally, the decoupled encoding manner of the shape and texture representations across different visual objects in the video facilitates controllable and fine-grained appearance editing capability. Extensive experiments demonstrate that the proposed representation achieves high video reconstruction accuracy with fewer parameters and supports complex video processing tasks, including video in-painting and keyframe-based temporally consistent video editing.