This document provides an overview of video compression standards H.264 and H.265. It summarizes the key differences between the two standards and evaluates whether H.265 provides better compression performance than H.264. Some of the main techniques used in both standards like inter-frame prediction and entropy encoding are also explained at a high level. Test results indicate that H.265 can provide around 50% higher compression than H.264 for the same perceptual video quality. However, it also requires more computing power for encoding and decoding.