Emerging Internet of things (IoT) technologies have rapidly expanded to multimedia applications, including highresolution image transmission. However, handling image data in IoT products with limited battery capacity requires low-complexity and small-size solutions such as low-memory compression techniques. The objective of this paper is to propose a line-based compression system based on four-level two-line discrete wavelet transform and adaptive line prediction. Bit stream is generated by multiplexing various frequency components with run-level coding combined with Huffman coding. The proposed system also includes a new bit rate control algorithm that could significantly improve image quality consistency in one frame. The proposed low-memory compression system can retain image quality for visually lossless compression criteria over the whole image frame. It can simultaneously lower total system power consumption in multimedia IoT products better than other existing low-memory compression techniques.