As orbiting Earth imaging platforms carry more complex and capable instruments, efficient methods are needed to reduce the time and cost associated with storing and downlinking greater volumes of image data. The upcoming NASA/USGS Landsat Next mission, with an increase in spatial and spectral resolution over previous Landsat missions, is no exception. Landsat Next will produce nearly six times the amount of image data per day over either of the current Landsat 8 or Landsat 9 observatories. Near-lossless compression, where the image after compression is not identical to the original image, allows for the efficient storage and transmission of all image data while meeting the mission’s global coverage, temporal revisit frequency, and science measurement and performance requirements. Although the Landsat user community is understandably cautious about lossy compression, it is possible to constrain the maximum loss, or error, introduced during compression, ensuring that any added error remains within the intrinsic noise level of the instrument. The Consultative Committee for Space Data Systems image compression standard, CCSDS 123.0-B-2, was chosen for the Landsat Next mission because it is an internationally supported standard suited for integration with space hardware, and it allows control over the magnitude and distribution of compression error. Using several proxy datasets as a surrogate for Landsat Next image data, an investigation was performed to determine a preliminary set of parameter values that would keep the added compression error within acceptable limits. The results of these studies demonstrate that near-lossless image compression can be utilized by the Landsat Next instruments to store and downlink all science data without compromising image quality or mission requirements.