To verify the validity of image compression algorithm, 122.0-B-0, we implemented it with software after a detailed research, and then compared it with two other classical image compression algorithms: JPEG2000 and SPIHT. The experimental results show that CCSDS algorithm has an equivalent performance to JPEG2000 and SPIHT when compressing in a low bit rate, but a little bit lower than JPEG2000 and SPIHT when compressing in a higher bit rate. The encoding speed is 2 times faster than that of JPEG2000, 1.5 times faster than that of SPIHT when compressing in a given bit rate, and the speed is directly proportional to bit rate. CCSDS algorithm uses a simple encoding method withour feedback operation, which can be used in image compression system with alterable memory, and also can effectively prevent error propagation. Therefore, it will be a great value for application on spacecraft.