  We propose a novel coarse graining tensor renormalization group method based
on the higher-order singular value decomposition. This method provides an
accurate but low computational cost technique for studying both classical and
quantum lattice models in two- or three-dimensions. We have demonstrated this
method using the Ising model on the square and cubic lattices. By keeping up to
16 bond basis states, we obtain by far the most accurate numerical
renormalization group results for the 3D Ising model. We have also applied the
method to study the ground state as well as finite temperature properties for
the two-dimensional quantum transverse Ising model and obtain the results which
are consistent with published data.
