The increment in the sizes of the images by the technological advances accompanies high demand for large capacities, high performance devices, high bandwidths etc.,. Therefore, image compression techniques are essential to reduce the computational or transmittal costs. Wavelet transform is one of the compression techniques especially used for images and multimedia files. In wavelet transform, approximation and detail coefficients are extracted from the signal by filtering. Both approximation and detail coefficients are re-decomposed up to some level to increase frequency resolution. Once coefficients are generated, the optimum threshold values are determined to obtain the best reconstructed image, which can be considered as an optimization task. In this study, Artificial Bee Colony algorithm which is a recent and successful optimization tool is used to determine the thresholds to produce the best compressed image in terms of both compression ratio and quality.