3D generation has witnessed significant advancements, yet efficiently producing high-quality 3D assets from a single image remains challenging. In this paper, we present a triplane autoencoder, which encodes 3D models into a compact triplane latent space to effectively compress both the 3D geometry and texture information. Within the autoencoder framework, we introduce a 3D-aware cross-attention mechanism, which utilizes low-resolution latent representations to query features from a high-resolution 3D feature volume, thereby enhancing the representation capacity of the latent space. Subsequently, we train a diffusion model on this refined latent space. In contrast to solely relying on image embedding for 3D generation, our proposed method advocates for the simultaneous utilization of both image embedding and shape embedding as conditions. Specifically, the shape embedding is estimated via a diffusion prior model conditioned on the image embedding. Through comprehensive experiments, we demonstrate that our method outperforms state-of-the-art algorithms, achieving superior performance while requiring less training data and time. Our approach enables the generation of high-quality 3D assets in merely 7 seconds on a single A100 GPU. More results and visualization can be found on our project page: https://compress3d.github.io/