Image file formats are how we store visual images as digital data. They may be uncompressed, compressed, or vector formats.
GIF (Graphics Interchange Format) is limited to an 8-bit palette, or 256 colors. This makes the GIF format suitable for storing graphics with relatively few colors such as simple diagrams, shapes, logos and cartoon style images.
JPEG (Joint Photographic Experts Group) is a compression method JPEG-compressed images are usually stored in the JFIF (JPEG File Interchange Format) file format. JPEG compression is (in most cases) lossy compression. The JPEG/JFIF filename extension is JPG or JPEG.
PNG (Portable Network Graphics) file format was created as the free, open-source successor to GIF. The PNG file format supports 8 bit paletted images (with optional transparency for all palette colors) and 24 bit truecolor (16 million colors) or 48 bit truecolor with and without alpha channel - while GIF supports only 256 colors and a single transparent color.