This document discusses wavelet transforms and fast wavelet transforms for image compression. It provides background on discrete wavelet transforms (DWT) and fast wavelet transforms. DWT is useful for image compression because it concentrates image energy into low-frequency coefficients. Compression is achieved by quantizing coefficients, prioritizing low-frequency ones. Popular image compression techniques like JPEG2000 use DWT. Fast wavelet transforms like Mallat's algorithm allow faster image analysis than DWT. The document reviews various image compression techniques and their performance in terms of compression ratio and image quality.