In this paper, a new weighted adaptive lifting (WAL)-based wavelet transform is presented. The proposed WAL approach is designed to solve the problems existing in the previous adaptive directional lifting (ADL) approach, such as mismatch between the predict and update steps, interpolation favoring only horizontal or vertical direction, and invariant interpolation filter coefficients for all images. The main contribution of the proposed approach consists of two parts: one is the improved weighted lifting, which maintains the consistency between the predict and update steps as far as possible and preserves the perfect reconstruction at the same time; another is the directional adaptive interpolation, which improves the orientation property of the interpolated image and adapts to statistical property of each image. Experimental results show that the proposed WAL-based wavelet transform for image coding outperforms the conventional lifting-based wavelet transform up to 3.06 dB in PSNR and significant improvement in subjective quality is also observed. Compared with the ADL-based wavelet transform, up to 1.22-dB improvement in PSNR is reported.