In this paper, a one-parameter eight-point orthogonal transform suitable for image compression is proposed. An algorithm for its fast computation is developed and an efficient structure for a simple implementation valid for all possible values of its independent parameter is proposed. It is shown that an appropriate selection of the values of the parameter results in a number of new multiplication-free transforms having a good compromise between the computational complexity and performance. Applying the proposed transform to image compression, we show that it outperforms the existing transforms having complexities similar to that of the proposed one.