SimRank has been considered as one of the promising link-based ranking algorithms to evaluate similarities of web documents in many modern search engines. In this paper, we investigate the optimization problem of SimRank similarity computation on undirected web graphs. We first present a novel algorithm to estimate the SimRank between vertices in O(n3+ Kn2) time, where n is the number of vertices, and K is the number of iterations. In comparison, the most efficient implementation of SimRank algorithm in [1] takes O(K n3 ) time in the worst case. To efficiently handle large-scale computations, we also propose a parallel implementation of the SimRank algorithm on multiple processors. The experimental evaluations on both synthetic and real-life data sets demonstrate the better computational time and parallel efficiency of our proposed techniques