Well most of the times, we think that size of images do not really matter… What matters is a good CDN, and a better host. Well thats a very wrong conception. For a good and speedy website everything has to be in a perfect balance. For my website i use these same methods and hence you can see that my website web load speeds are very fast.
SO Since it is the ultimate guide to image size optimization…. we will first start from the Offline optimizers.
1. My favorite is ROIT. Yes its name is ROIT
I has many functions and can optimize images of JPG,PNG and GIF.
Download The Software HERE. after downloading it install it But wait… its doesn’t end here. There’s a trick in the installation 
So try to avoid this as it may cause unnecessary troubles and then you will blame me for it.
SOooo… moving on to its functions- It has multi-functionality. You can use it to convert one at a time or many images at once.
NOTE: Remember.. this isn’t a image editing software, it is a image size optimizer. So if you want a good image editing software Use PAINT.NET(The best free image editing software)
Now the rest of the steps in this tools are totally upto you. But just for formality i show what i used for it as settings-
And this….
As you can see from the above demonstrate i have reduced the size of a 1.3 MB JPG Image to a 161.63 Kb FILE. But if you select the PNG option the file will be little bit bigger(Reasons listed Below)
This is another Tool which is FASTER than the previous tool…….. BUT as the name suggest this tool only works for PNG images
Boo
It has a neat interference which even a starter can use. I do not need to give any other introduction to this software as there is nothing much to it. Download it HERE

Now there can be QUESTIONS: Sir… why is there a separate optimizer for only PNG files? Well the answer is simple…
JPG files are compressed files which are already optimized but have the potential to be optimized even more. But in the case of PNG images- They are Uncompressed files that have something called chunks in them that store DATA. This Data takes up space and is not appreciated as it takes up EXTRA SPACE and also takes longer time to LOAD.
Moving on to ONLINE Image OPTIMIZATION…..
On WordPress: For example you have a wordpress site. Then all your work has already been done. What you need is to install this plugin an press a button while the plugin does the rest of the work for you.Download the plugin HERE

For Other Yahoo Image Smush Is the Best. Go here to try it– http://www.smushit.com/ysmush.it/

Its Fast, Efficient(Can take many images at once) and Smart
Now remember This is the Ultimate Guide to Image Size optimization. So if i have missed something… please comment and ill add it in the Post
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Very useful information. I’ve been looking for a guide like this for my blog. I will start implementing your recommendations.
Really good bro ! i was looking for exactly this one …