Image formats are standardized ways to store and display digital images. Common formats include JPEG, PNG, and GIF. Each format has its own characteristics, such as compression methods and color depth, which affect image quality and file size. For example, JPEG is widely used for photographs due to its efficient compression, while PNG supports transparency and is ideal for graphics. Different image formats serve various purposes. GIF is popular for simple animations, while TIFF is often used in professional photography for its high quality. Understanding these formats helps users choose the right one for their specific needs, whether for web use or printing.