In this paper, we analyze wavelet-based coding in a rate-distortion (R-D) sense by using Laplacian and Markov models and verify the results with the performance of the typical embedded coders, EZW and SPIHT, and the non-embedded coder implemented here. Laplacian represents the probability density function (pdf) of wavelet coefficients and Markov statistical dependency within and among subbands. The models allow us to easily understand the behavior of a thresholding and quantization part and a lossless coding part and associate the embedded coders with the nonembedded coder, which is the point the paper approaches. The analytic results are shown to coincide well with the actual coding results.