Refere this code. basic idea is calculate height and width of your picture box and apply on your image to fit into picture box.
code:-
int PicBoxHeight = 0;
int PicBoxWidth = 0;
int ImageHeight = 0;
int ImageWidth = 0;
Image TempImage = default(Image);
float scale_factor = 0;
PictureBox1.SizeMode = PictureBoxSizeMode.Normal;
PicBoxHeight = PictureBox1.Height;
PicBoxWidth = PictureBox1.Width;
TempImage = Image.FromFile("D:\\Download\\Image00b.jpg");
ImageHeight = TempImage.Height;
ImageWidth = TempImage.Width;
scale_factor = 1.0;
if (ImageHeight > PicBoxHeight) {
scale_factor = Convert.ToSingle(PicBoxHeight / ImageHeight);
}
if ((ImageWidth * scale_factor) > PicBoxWidth) {
scale_factor = Convert.ToSingle(PicBoxWidth / ImageWidth);
}
PictureBox1.Image = TempImage;
Bitmap bm_source = new Bitmap(PictureBox1.Image);
Bitmap bm_dest = new Bitmap(Convert.ToInt32(bm_source.Width * scale_factor), Convert.ToInt32(bm_source.Height * scale_factor));
Graphics gr_dest = Graphics.FromImage(bm_dest);
gr_dest.DrawImage(bm_source, 0, 0, bm_dest.Width + 1, bm_dest.Height + 1);
PictureBox1.Image = bm_dest;