Accurately simulating non-Markovian quantum dynamics in system-bath coupled problems remains challenging. In this work, we present a novel memory truncation scheme for the iterative quasi-adiabatic propagator path integral (iQuAPI) method to improve accuracy. Conventional memory truncation in iQuAPI discards all influence functional beyond a certain time interval, which is not effective for problems with a long memory time. Our proposed scheme selectively retains the most significant parts of the influence functional using the density matrix renormalization group algorithm. We validate the effectiveness of our scheme through simulations of the spin-boson model across various parameter sets, demonstrating faster convergence and improved accuracy compared to the conventional scheme. Our findings suggest that the new memory truncation scheme significantly advances the capabilities of iQuAPI for problems with a long memory time.
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