Paper presents a method for color image compression coding by using correlation vectors combined with SPIHT Algorithm. In this method, the Green component of a color image is coded using SPIHT Algorithm, and the other two components are segmented into multi-subregions by quadtree partitioning according to the non-correlation degree of three color components. Based on the calculated correlation vectors between three components in the same subregion, the coding for the other two components becomes the coding of correlation vectors. Experiment results show that this method is of high coding and decoding rates, and with quite good signal to noise ratio, compression rate and visual quality.