Image file formats are standardized ways to store and compress visual data. Common formats include JPEG, PNG, and GIF. Each format has its own strengths: JPEG is widely used for photographs due to its efficient compression, while PNG supports transparency and is ideal for graphics. GIF is popular for simple animations. Choosing the right image file format depends on the intended use. For web images, JPEG and PNG are often preferred for their balance of quality and file size. In contrast, GIF is suitable for short, looping animations. Understanding these formats helps in optimizing images for various applications.