Steganography is the art and science of covert communication. The secret information can be concealed in content such as image, audio, or video. This paper provides a novel image steganography technique to hide both image and key in color cover image using Discrete Wavelet Transform (DWT) and Integer Wavelet Transform (IWT). There is no visual difference between the stego image and the cover image. The extracted image is also similar to the secret image. This is proved by the high PSNR (Peak Signal to Noise Ratio), value for both stego and extracted secret image. The results are compared with the results of similar techniques and it is found that the proposed technique is simple and gives better PSNR values than others.