The document discusses common image file formats used on the web. JPEG is the most popular format and uses lossy compression to keep file sizes small. GIF uses an 8-bit palette that limits it to 256 colors and was popular for early web animation. BMP is the format used by Windows but results in large file sizes. TIFF is good for graphics storage and printing but large files. PNG was developed as an open alternative to GIF and works well for line art, text and logos.