A method and a system for image compression are disclosed. An image is converted to a halftoned image. The one or more halftoned lines in the halftoned image comprise one or more pixels. A first transformed image is generated from the halftoned image based on shifting of the one or more pixels, associated with the one or more halftoned lines in the halftoned image, by a first value. A second transformed image is generated from the first transformed image based on shifting of the one or more pixels, associated with the one or more halftoned lines in the first transformed image, by a second value. Further, a compressed image is generated based on compression of the second transformed image. The compressed image is stored in a storage device. Another method and system for image conversion are disclosed that converts the compressed image back to the first transformed image.