The use of images in a wide variety of applications has expanded rapidly due to technological developments that have influenced the operations and availability of advanced image modification management software. Despite technological breakthroughs in storage and transmission, demand for storage capacity and communication bandwidth exceeds available capacity. As a result, image compression has proven to be a helpful technique. When it comes to image compression, we do not just focus on lowering size but also focus on not sacrificing image quality or information. This review outlines the primary image compression algorithms, both lossy and lossless, their benefits, drawbacks, and research opportunities. The examination of several compression techniques aids in the identification of advantageous qualities and selection of proper compression method. Some general criteria for choosing the optimum compression algorithm for an image have been suggested based on the review.