Embodiments relate to a method and a system for performing image compression and decompression of image data. In one or more embodiments, the image data is divided into one or more image data blocks, and the image compression and decompression are performed for each image data block. The image data block is compressed and includes a base value corresponding to a first image component and a compressed difference value corresponding to a second image component. For decompression, a first value of the image data block can be obtained based on the base value, and a second value of the image data block can be obtained based on the first value, the first compressed difference value and a corresponding quantization table. An output image can be presented to a user, according to the decompressed image data block.