There are 8 most commonly used file formats.
JPEG (Joint Photographic Experts Group): JPEG files are compressed and thus result in a loss of detail or quality the benefit to using JPEG is if the file is small it means that more images can be stored on a single memory card but, there can be a loss of quality due to image compression.
TIFF (Tagged Image File Format): TUFF files are normally uncompressed so they can manipulate photo extensively in editing software on the down side, the file size is much bigger so more storage is needed.
RAW: When you want to get the highest quality files from your camera RAW is the best option to go to, but it is a bigger file size which requires more storage and it also needs longer post-processing time.
DNG (Digital Negative): DNG is offered as a main RAW file format, or as an alternative to the manufacturer’s native RAW format, DNG is the safer option long-term because it guards against inability to access files in the future.
PNG (Portable Network Graphics): Compressed in lossless format therefore retain all detail, the lossless compression makes for good image quality but, the quality is not good enough for printing of any size.
GIF (Graphics Interchange Format): GIFs are ideal for use on internet, the small file size makes GIF files more ideal for the use on the web but, The colors are limited which makes GIFs a poor choice for photos.
BMP (Bitmap Image File): BMP can be used for printing as the images are high quality but, the large file size means there is a lot of storage needed.
PSD (Photoshop Document): PSD has the ability to manipulate the image extensively on sperate layers, once image is ready it can be re-saved as any other file format but, the layered files can be incredibly large due to the additional data that is being stored.