Data compression is the process of encoding data using a representation that decreases the overall size of data, where this reduction is possible when the original dataset contains some type of redundancy. Data compression, also called compaction, is the process of reducing the amount of data needed for storage or transmission of a given piece of information, typically using encoding techniques. Multimedia compression is employing tools and techniques to reduce the file size of various media formats, taking up less space. Both downloading and uploading a compressed file takes a lot less time. Data compression is one of the factors that contributed most to the great growth of information and communication technologies. Without compression, most consumer and entertainment technology products, which are today commonplace, would never have come into existence. This chapter provides an updated review of multimedia compression, showing and approaching its success relationship, with a concise bibliographic background, categorizing and synthesizing the potential of both technologies.