JPEG

JPEG is probably the best known of all image file formats, and it’s what many cameras use as the default output. The thing you should remember is that JPEG files are compressed in-camera, and thus result in a loss of detail and quality.

TIFF

they offer the opportunity for extensive post-processing. And because TIFFs are uncompressed, they are much bigger files.

RAW

This is the best option if you want the highest quality files from your camera. RAW files are created using a process that retains all of the information originally captured.

Digital Negative

Possibly the safer option long-term, because it guards against the inability to open or access files in the future. Ability to use image-processing software such as Lightroom and Photoshop.

PNG

Lossless compression makes for good image quality, which isn’t compromised when editing. The ability to maintain transparency, which is important for graphics such as overlays and logos

GIF

The small file size makes GIF files ideal for use on the web. Files can also contain animation. However, the limitation of GIF files is that they can only contain a maximum of 256 colors.

BMP

Can be used for printing, as the images are high quality. BMPs are large files, as color data is saved in each individual pixel without any compression. As a result, BMPs provide a high-quality digital file, which is great for use in print but not ideal for the web.

PSD

Ability to manipulate the image extensively on separate layers. Once the image is ready, it can be re-saved as any other file format. This makes PSDs absolutely essential for any sort of extensive manipulation of the original photograph, such as retouching. PSDs give far greater flexibility and the ability to fine-tune an image, because layers can be added, removed, or edited at any time without affecting the original photo.