The format is designed for Kodak cameras to store uncompressed RAW images in their original form without auto color and white balance correction. The file has a TIFF-structure that allows you to edit the color temperature and exposure of the finished image without losing information and quality, which is something that cannot be done with JPEG format images.
This format is used for storing several types of bitmaps, including animations. MNG allows you to store lossy and lossless images with compression. This format provides you with more options than GIF for saving animated files while keeping the original image size.