Option Explicit
'ۭqҲ
Private Sub UserForm_Initialize()
    With Image1
        Set .Picture = Nothing
    End With
End Sub

Private Sub CommandButton1_Click()
    Dim Ipic As IPictureDisp
    With Image1
        Set Ipic = .Picture
        If Ipic Is Nothing Then
            'wϹɮ
            .Picture = LoadPicture(ThisWorkbook.Path & "\Test.jpg")
        Else
            Set Ipic = Nothing
            .Picture = Ipic
        End If
    End With
End Sub
