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Lossy image compression is one of the most commonly used operators for digital images. Most recently proposed deep-learning-based image compression methods leverage the auto-encoder structure, and reach a series of promising results in this field. The images are encoded into low dimensional latent features first, and entropy coded subsequently by exploiting the statistical redundancy. However, the information lost during encoding is unfortunately inevitable, which poses a significant challenge to the decoder to reconstruct the original images. In this work, we propose a novel invertible framework called Invertible Lossy Compression (ILC) to largely mitigate the information loss problem. Specifically, ILC introduces an invertible encoding module to replace the encoder-decoder structure to produce the low dimensional informative latent representation, meanwhile, transform the lost information into an auxiliary latent variable that won't be further coded or stored. The latent representation is quantized and encoded into bit-stream, and the latent variable is forced to follow a specified distribution, i.e. isotropic Gaussian distribution. In this way, recovering the original image is made tractable by easily drawing a surrogate latent variable and applying the inverse pass of the module with the sampled variable and decoded latent features. Experimental results demonstrate that with a new component replacing the auto-encoder in image compression methods, ILC can significantly outperform the baseline method on extensive benchmark datasets by combining with the existing compression algorithms.