The present disclosure is directed dynamic compression/decompression (codec) configuration. In general, a device may include a codec configuration module to determine a configuration for use by the codec based on configuration criteria. The configuration criteria may include, for example, data characteristic information, system condition information and user expectation information. The configuration information may be used to select a codec configuration from one or more available codec configurations. For example, a benchmark module also in the device may determine the available codec configurations. After a codec configuration has been selected, it may be set in the codec. It may also be possible for the codec configuration module to monitor for changes in device operation (e.g., changes in the configuration criteria) and to update the codec configuration based on the monitored changes.