Image compression is the methodology of reducing the data space required to store an image or video. It finds great application in transferring videos and images over the web to reduce data transfer time and resource consumption. A number of methods based on DCT and DWT have been proposed in the past like JPEG, MPEG, EZW, SPIHT etc. The paper presents a review comparison between DCT and DWT compression techniques based on multiple important evaluation parameters like (i) mean squared error and SNR for different threshold values (ii) SNR values and mean squared error for different coefficients (iii) SNR values and mean squared error for different window size. In addition, the paper also makes two advanced studies (i) CPU utilization and compression ratio for different window sizes (ii) SNR and compression with different compression ratio. The experimentation is performed on multiple 8x8 jpeg images.