Generative large language models ( LLMs) have achieved remarkable success in various industrial applications, owing to their promising In-Context Learning capabilities. However, the issue of long context in complex tasks poses a significant barrier to their wider adoption, manifested in two main aspects: (i) The excessively long context leads to high costs and inference delays. (ii) A substantial amount of task-irrelevant information introduced by long contexts exacerbates the "lost in the middle" problem. Existing methods compress context by removing redundant tokens using metrics such as self-information or perplexity ( PPL ), which is inconsistent with the objective of retaining the most important tokens when conditioning on a given query. In this study, we introduce information bottleneck theory (IB) to model the problem, offering a novel perspective that thoroughly addresses the essential properties required for context compression. Additionally, we propose a cross-attention-based approach to approximate mutual information in IB, which can be flexibly replaced with suitable alternatives in different scenarios. Extensive experiments on four datasets demonstrate that our method achieves a 25% increase in compression rate compared to the state-of-the-art, while maintaining question answering performance. In particular, the context compressed by our method even outperform the full context in some cases.