Satellite Images are major resource for various earth scientists, geologist and metrologies for better perceptive of earth's environment and conditions. The increasing availability of satellite images has raised the need for compression of satellite image without significant loss of perceptual image. The Discrete Wavelet Transform (DWT) offer the optimal results for image compression. The purpose of this paper is to selection of wavelet by comparing various wavelet functions like Haar, Daubechies, Sym[ets, Coiflets, Biorthogona[, Reverse-Biorthogona[ and Discrete Meyer wavelet for satellite image compression. The fine pick of wavelet function aids in improving the quality of image. The compressed image performance is analyzed by using picture quality measures. The picture quality measures assist in selection of most optimized wavelet function.This paper will put forward a decent orientation for the application designers and scientists to opt for the worthy wavelet function for their purpose.