I-frames, P-frames, and B-frames are the three major picture types or frame types used in video compression algorithms. I-frames are fully specified frames that do not require other frames to decode but are the least compressible. P-frames store only the changes from previous frames and are more compressible than I-frames but require previous frames to decode. B-frames can use both previous and forward frames for reference and achieve the highest compression but require both previous and forward frames to decode. I-frames are used as random access points and references for decoding other frames.