The purpose of this research is to test the efficiency of wavelet based noise removal and compression techniques to remove noise and compress the signals using MATLAB. In the present investigation, the signals of interest are normal images but intended to extend the current work to process MRI images. Various kinds of wavelets have been considered for this purpose like Daubechies: 'db1' or 'haar', 'db2', ... ,'db45' , Coiflets: 'coif1', ... , 'coif5' , Symlets: 'sym2' , ... , 'sym8', ... ,'sym45' , Discrete Meyer wavelet: 'dmey'.