Formal:
* Quelle magnifique photo! (This is a very formal way to say it.)
* C'est une photo formidable. (This is a more neutral, formal way to say it.)
Informal:
* Quelle belle photo! (This is a more informal way to say it.)
* C'est une super photo! (This is a very informal way to say it.)
* La photo est géniale! (This is a very informal way to say it.)
You could also add a compliment about the specific aspects of the picture:
* J'adore les couleurs! (I love the colors!)
* Le cadrage est parfait. (The framing is perfect.)
* C'est tellement réaliste. (It's so realistic.)
The best way to choose the right phrase is to consider your relationship with the person you are speaking to and the situation.