This document summarizes a research paper that compares image compression using the Discrete Cosine Transform (DCT) and Discrete Wavelet Transform (DWT). It finds that DWT performs better than DCT in terms of Mean Square Error and Peak Signal to Noise Ratio. The paper analyzes compression of BMP and TIFF color images using DCT and DWT. It converts color images to grayscale, then compresses the grayscale images using DWT. DWT decomposes images into different frequency components and scales, allowing for better image compression compared to DCT.