Nowadays, the number of photos taken each day is growing exponentially on phones and the number of photos uploading on Internet is also increasing rapidly. This explosion of photos in Internet and personal devices such as phones posed a challenge to the effective storage and transmission.Multimedia files are the files having text, images, audio, video, and animations, which are large and require lots of hard disk space. Hence, these files take more time to move from one place to another place over the Internet. Image compression is an effective way to reduce the storage space and speedup the transmission. Data compression is used everywhere on the internet, that is, the videos, the images, and the music in online. Even though many different image compression schemes exist, current needs and applications require fast compression algorithms which produce acceptable quality images or video with minimum size. In this paper, image and video compression standards are discussed.