JPEG 2000 is a new image coding system that delivers superior compression performance and provides many advanced features in scalability, flexibility, and system functionalities that outperform all previous standards. It brings exciting possibilities to many imaging applications such as the Internet, wireless, security, and digital cinema. This paper gives an overview of this triumph in innovations and teamwork. It gives brief introductions to the four new parts that are under development by the JPEG committee. It attempts to summarize the lessons learned from the JPEG 2000 development experience and draw some conclusions on the success factors of this important standard.