I want to create light weight PNG images with good quality. Can anyone suggest the best way...
Note: Need to use these PNG images in android app designing.
PNG files are lossless compressed bitmaped images. While they are compressed, they can still attain large file sizes depending on the type of image data saved. Similar to GIF files, they are best suited for images with large areas of solid colours and defined boundaries (such as logos). They also support transparencies and 24 or 32 bit colour. Unlike JPG files, they are not suited for storing photographic image data. A properly compressed JPG can be about 10% the size of a PNG in this situation. As PNG files are lossless, most methods of compressing them involve running additional algorithms that try to optimize the compression techniques used. Some PNG compressors also remove useless metadata.
So yes, there is a way to compress them and to reduce file size. Having said that, this is also the first google result which you should have checked out. Additionally, what they are being used for also has an influence on what format you should use. I suggest including that in the question.
Addition: I have had good results with ImageOptim when compressing may files in a folder structure. Please also note the warning for Xcode compression.