Wordpress isn't generating image thumbnails for image size over 1 MB - wordpress

I have a developed a wordpress website by installing a pre-developed theme from themeforest.net. When i try to upload an image, the image successfully uploads but the preview/ thumbnail isn't generated only for file sizes over 1 MB. The max file size i can upload is 8MB. Please Help!
I tried uploading increasing memory and execution caps. Nothing worked.

You're not giving a lot of information, so I'm suggesting a work around.
Reduce the size of your images with cropping them to the needed size. Compress JPG and PNG images.
Online Image Compression

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My websites pagespeed is only 38/100. This is because of heavy images. How can I minify and make responsive images?

I checked my website in Google page speed insights and the score is only 38/100.
I can see that heavy images are the main cause of this problem and most of the server load is being used by the images. How can fix that issue?
Tried PNG format of jpg images. But when I convert jpg to png image size increases.
use like http://gtmetrix.com/ and Analyze your site’s speed, they will provide the optimized version images, you have to rename and upload it on the same path. or you could compress using any site like,
Jpg image:
https://compressjpeg.com/
Png image:
https://compresspng.com/

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define('WP_MEMORY_LIMIT', '64MB');
Anyone have idea on this. Please help me.
I have attached screenshot too
Thanks..
In your wordpress dashboard go to Settings -> Media. There you have different sizes (width x height) defined for Thumbnails, Medium Size and Large. By default, for large wordpress has a size of 1024 x 1024. If you try to upload a bigger resolution image like 4096 x 2048 let's say, you'll get an error. Try increasing the resolution for the Large images and try again and see if that works. Check phpinfo() for memory_limit settings on your server. If it's limited to some amount at the server level, setting it on wp-config.php won't really help.

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go to media upload. You can change size of image you upload.

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