In this era of modern technologies and Internet, Video Compression is extremely important for systematic storing and transmission of huge sized videos. In past two decades, there was a rapid development in the area of Video Compression Technology. To attain the best equilibrium between compression efficiency and perceptual quality, a number of video compression techniques have been developed.  The first part of this survey paper gives an overview about Video Compression. The latter part gives a summary about different Video Compression Standards.