When you try to preview an image file (JPEG/PNG) using Windows Photo Viewer, the preview would be blank and the following error message is displayed:
Windows Photo Viewer can't display this picture because there might not be enough memory available on your computer. Close some programs that you aren't using or free some hard disk space (if it's almost full), and then try again.

It’s a misleading error message, as in most cases, it may not have anything to do with the system memory. The Windows Photo Viewer error is caused due to color profile metadata (ICC_Profile) embedded into the JPG image(s).
(You can reproduce the issue by transferring images from your Android/iOS mobile and previewing the image using Windows Photo Viewer on your computer. Another possibility is that your system has multiple video cards and the issue happens on the secondary graphics card only. Switching over to the primary video card may resolve the error.)
However, other utilities like IrfanView, GIMP, or the built-in/modern Photos app would be able to open the image correctly. This issue is limited to Windows Photo Viewer (and perhaps Windows Live Photo Gallery) only.Read more
You may be wondering why Windows Photo Viewer, which previously opened images in a single window instance when multiple files were selected and previewed, is now opening up separate windows or instances–one for each image file selected.
