To compile Emacs on Windows, you will need the MinGW port of GCC and Binutils, the MinGW runtime and development environment, and the MSYS suite of tools. For the details, see the file nt/INSTALL in the Emacs source distribution.
Support for displaying images, as well as XML/HTML rendering and TLS networking requires external libraries, the headers and import libraries for which will need to be installed where your compiler can find them. Again, the details, including URLs of sites where you can download these libraries are in nt/INSTALL. See Other useful ports, for auxiliary tools you may wish to install and use in conjunction with Emacs.
After unpacking the source, or checking out of the repository, be sure to read the instructions in nt/README and nt/INSTALL.