Systems, methods, and other embodiments associated with efficient visually lossless compression are described. According to one embodiment, an apparatus includes a transform logic configured to receive image data divided into segments and generate a matrix of transform coefficients corresponding to a segment. The apparatus also includes a rate control logic configured to select (i) a set of quantization levels from a plurality of sets of quantization levels and (ii) a quantization level from the selected set of quantization levels based, at least in part, on a desired visual quality. Each set of quantization levels corresponds to a different target compression ratio for the image data. The apparatus further includes a quantization logic configured to quantize the matrix of transform coefficients according to the selected quantization level to produce an array of integers. The apparatus also includes an encoding logic configured to encode the array of integers as a bit stream.