Q:

Unable to use = operator in a "If" statement

Why can't I use = operator over here. Anyway to solve this problem ?
 If PictureBox1.Image = My.Resources.pic001 Then
       x = 1
    Else
       x = 0
    End If

The error message is:

Operator '=' is not defined for types
  'System.Drawing.Image' and
  'System.Drawing.Bitmap'

A:

Assuming that PictureBox1.Image references the same Image object as My.Resources.pic001, then you could use:
If Object.ReferenceEquals(PictureBox1.Image, My.Resources.pic001) Then

