Abstract: Image compression is a technique which is used to reduce the size of the data. In other words, it means to remove the extra data from the available by applying some techniques and tricks which makes the data easy for storing and transmitting it over the transmission medium. The compression techniques are broadly divided into two categories. First one is Lossy Compression in which some of the data is lost while compressing it and second technique is lossless technique in which data is not lost after compressing it. These compression techniques can be applied on different image formats. This review paper compares the different compression techniques. Keywords: lossy, lossless, image formats, compression techniques.