Does OS X support disk compression?

I am new to the Mac world.

As you may know, NTFS has options to "Compress this drive to save disk space" or "Compress contents to save disk space".

I want to know whether OS X supports this feature and to what extent.

According to this article, HFS+ compression was introduced with OS X Snow Leopard.

So to compress a file or directory with HFS+ compression, all you should usually need to do is type ditto --hfsCompression [src] [dst] into the Terminal, replacing [src] with the path to the source file/directory, and [dst] with the path to the destination file/directory.

You can also use apps such as Clusters, MoreSpace and so on. This Ask Different thread might also be of interest to you.