Multiple description coding (MDC) is an efficient source coding technique for error-prone transmission over multiple channels. In this paper, we focus on the design of a new polyphase down-sampling based MDC (NPDS-MDC) for image signals. The encoding of our proposed NPDS-MDC consists of three steps. First, we perform down-sampling on each N×N image block according to the quincunx down-sampling pattern. Second, we propose a new transform and apply it to the down-sampled pixels to produce the side descriptions. Third, we develop an error compensation algorithm to reduce the compression distortion occurring on the down-sampled pixels. In our scheme, the side decoding is performed posterior to image interpolation with reference to the down-sampled compressed pixels. Moreover, the central decoding is achieved by interlacing the side descriptions. We also propose a compression-constrained central deblocking algorithm to further improve the efficiency of the central decoding. The experimental results indicate that our proposed MDC scheme offers clearly superior performance, especially at high bit rates, as compared to the state-of-the-art methods for various types of images.