Image rescaling is a commonly used bidirectional operation, which first downscales high-resolution images to fit various display screens or to be storage- and bandwidth-friendly, and afterward upscales the corresponding low-resolution images to recover the original resolution or the details in the zoom-in images. However, the non-injective downscaling mapping discards high-frequency contents, leading to the ill-posed problem for the inverse restoration task. This can be abstracted as a general image degradation-restoration problem with information loss. In this work, we propose a novel invertible framework to handle this general problem, which models the bidirectional degradation and restoration from a new perspective, i.e. invertible bijective transformation. The invertibility enables the framework to model the information loss of pre-degradation in the form of distribution, which could mitigate the ill-posed problem during post-restoration. To be specific, we develop invertible models to generate valid degraded images and meanwhile transform the distribution of lost contents to the fixed distribution of a latent variable during the forward degradation. Then restoration is made tractable by applying the inverse transformation on the generated degraded image together with a randomly-drawn latent variable. We start from image rescaling and instantiate the model as Invertible Rescaling Network (IRN), which can be easily extended to the similar decolorization-colorization task. We further propose to combine the invertible framework with existing degradation methods such as image compression for wider applications. Experimental results demonstrate the significant improvement of our model over existing methods in terms of both quantitative and qualitative evaluations of upscaling and colorizing reconstruction from downscaled and decolorized images, and rate-distortion of image compression.