If you are getting a size limit error when uploading to GX.games (or some other distributor), or your game takes a long time to download, follow the steps below to reduce your game's size.
Audio
Lower the sample rate of your sound effects. The default value of 44100 (hz) is not necessary for sound effects in most games, so that value can be lowered to something like 22050.
Lower the quality of your sound effects to 8-bit. Lower the bit-rate as much as you can while retaining the sound quality you need.
The same applies to music tracks as well. It is important to use a low bit rate for your music tracks to save space.
You can reduce the time it takes to build your game by ensuring that the options (bitrate, sample rate, etc.) set for an audio asset match those of the actual audio file.
Use one of the Compressed options under the Attributes of your audio assets:
The "Uncompress on Load" option should work best for sound effects, and either one of the "Compressed" options for music tracks.
Read the Attributes section of this page for more information.
With GameMaker 2022.5+, use the Inspector to change the attributes of multiple sound assets at once, by selecting them in the Asset Browser and modifying the attributes in the Inspector window:

Graphics
Use the default BZ2 + QOI option for your Texture Groups. If you have not changed this, you don't need to do anything.
BZ2+QOI compression is only available in versions 2022.3 and above.
Use a smaller Texture Page Size in the
Game Options for your target export:
Remove unused graphics and other assets from your project.
If you are not using an extension, remove it, or
unselect the platform(s) where it is not used.