An image compression apparatus determines a first reduction ratio according to an available memory capacity and reduces a multivalued image by the determined first reduction ratio to generate a first reduced multivalued image, and extracts a representative color of a character region from the first reduced multivalued image. The image compression apparatus reduces the first reduced multivalued image to generate a second reduced multivalued image, and compresses the second reduced multivalued image to generate a first compressed code. The image compression apparatus compresses a partial binary image corresponding to the character region to generate a second compressed code. Then, the image compression apparatus outputs compressed data including the first compressed code, the second compressed code, positional information about the character region, and information about the representative color of the character region.