Reducing computational complexity remains a critical challenge for the widespread adoption of learning-based image compression techniques. In this work, we propose TreeNet, a novel low-complexity image compression model that leverages a binary tree-structured encoder-decoder architecture to achieve efficient representation and reconstruction. We employ attentional feature fusion mechanism to effectively integrate features from multiple branches. We evaluate TreeNet on three widely used benchmark datasets and compare its performance against competing methods including JPEG AI, a recent standard in learning-based image compression. At low bitrates, TreeNet achieves an average improvement of 4.83% in BD-rate over JPEG AI, while reducing model complexity by 87.82%. Furthermore, we conduct extensive ablation studies to investigate the influence of various latent representations within TreeNet, offering deeper insights into the factors contributing to reconstruction.