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JPEG

You can use JPEGs for projects on the web, in Microsoft Office documents, or for projects that require printing at a high resolution. Paying attention to the resolution and file size with JPEGs is essential in order to produce a nice-looking project. JPG vs JPEG? There is no difference between the .jpg and .jpeg filename extensions. Regardless of how you name your file, it is still the same format and will behave the same way. The only reason that the two extensions exist for the same format is because .jpeg was shortened to .jpg to accommodate the three-character limit in early versions of Windows. While there is no such requirement today, .jpg remains the standard and default on many image software programs.

PNG

PNGs are amazing for interactive documents such as web pages but are not suitable for print. While PNGs are lossless, meaning you can edit them and not lose quality, they are still low resolution. The reason PNGs are used in most web projects is that you can save your image with more colors on a transparent background. This makes for a much sharper, web-quality image.