GIF – Contrary to popular belief, a GIF (however you pronounce it) is not a short video but a sequence of images displayed rapidly. While you have to have Photoshop to manipulate the image, the file is produced using multiple layers that can be edited individually. PSD – If you receive a file as a PSD, that means your designer created your image in Adobe Photoshop. A PNG file is best reserved for text-based content, such as infographics and charts. PNG – PNG files are low resolution files that allow you to edit the image without much quality loss. The most often used for printing photographs. TIFF – Although a TIFF can be transferred with virtually no loss of image quality, you should avoid using these raw files online, since it can drastically reduce your load time. The only downside is that is the file size decreases, the image quality goes down as well. It's more or less the “Swiss Army knife” of online images, since it can be used in both web-based projects and documents.
JPG – By far, the most common type of image you'll see on the Internet is the JPG format. While you can use some of these interchangeably, for maximum effect, convert each image to the specific file type and then optimize from there.
There are lots of different file formats that you'll use depending on your purpose.