This document provides an overview of image compression. It discusses what image compression is, why it is needed, common terminology used, entropy, compression system models, and algorithms for image compression including lossless and lossy techniques. Lossless algorithms compress data without any loss of information while lossy algorithms reduce file size by losing some information and quality. Common lossless techniques mentioned are run length encoding and Huffman coding while lossy methods aim to form a close perceptual approximation of the original image.