In today's smart world demand of efficient multimedia based communication has increased at a rapid rate. Diversity on display sizes of gadgets used for multimedia communication confines the quality of images. Image retargeting is used as the focal solution to this problem which results in images with appropriate sizes. Enormously mounting demand of image retargeting expedites the rate of increment in computational load. This research paper expatiate and experiments a dynamic load balancing based three phase image retargeting methodology using pipeline architecture. In the first phase of image retargeting resize operation is performed on input image which results in multiple sized image copies of the same image. In the second phase resized images undergo quantization operation. In the final phase lossless compression is performed to have an expedient image. In the proposed exhibit think, we have done statistical analysis of results obtained, to confirm an impartial dynamic load balancing with a better degree of underlying resource utilization. We extend the approach to achieve significant storage optimization using three phase image retargeting.