The main challenges involved in target tracking applications of Wireless Sensor Networks (WSN) are energy consumption, accuracy and security. In order to reduce the amount of energy consumed in target tracking, in this study, Ant based compression and Sleep Scheduling technique is proposed. In this approach initially the information of the nodes are localized and tracked through ACO technique. After the localization process, the data which has to be transmitted to the destination node is compressed in order to make the network more efficient. A Sensor Node Activation Mechanism is developed, where the sensor nodes are turned into sleep mode for a specific time interval. Simulation results show that the proposed technique considerably reduces the network energy consumption.