The image compression is very necessary and popular technique in course of saving the memory on the local disc or to speed up the internet transfers. The discrete wavelet transform (DWT) has already been proved as the best image compression algorithm. The DWT technique decomposes the image matrix into various sub-matrices to create a compressed image. The new compression technique will be developed by combining the most effective and fast wavelets of DWT technique for image compression. The quality of the new image compression technique will be evaluated using the peak signal to noise ratio (PSNR), mean squared error (MSE), compression ratio (CR) and elapsed time (ET). Also, the new techniques would be compared with the existing image compression techniques on the basis of the latter mentioned parameters.