Image compression is crucial for shrinking the size of digital photos without reducing quality. The demand for storage and bandwidth capacity continues to exceed available capacity, making image compression a necessary technique. The article compares and contrasts a number of lossy and lossless image compression methods, including Wavelet coding, transform coding, Run length coding, Huffman encoding, and Arithmetic coding. The study makes broad recommendations for identifying the best compression strategy for an image. The primary benefits, drawbacks, and research opportunities of these techniques are discussed to aid in selecting the appropriate compression method. The article concludes by stating that image compression is an essential technique that enables faster file transfer, storage optimization, and efficient use of physical storage resources.