Discovering exoplanets in orbit around distant stars via direct imaging is fundamentally impeded by the combined effect of optical diffraction and photon shot noise under extreme star-planet contrast. Coronagraphs strive to increase the signal-to-noise ratio of exoplanet signatures by optically suppressing light from the host star while preserving light from the exoplanet. However, it is unclear whether direct imaging coronagraphs constitute an optimal strategy for attaining fundamental limits relevant to exoplanet discovery. In this work, we first review the quantum information limits of exoplanet detection and localization characterized by (1) the quantum Chernoff exponent for symmetric hypothesis testing, (2) the quantum relative entropy for asymmetric hypothesis testing, and (3) the quantum Fisher information matrix for multiparameter estimation. We demonstrate that coronagraphs designed to completely suppress light in the fundamental mode of the telescope - while perfectly transmitting higher-order orthogonal modes - indeed achieve these limits in the regime of high star-planet contrasts. Furthermore, we formulate coronagraphs as quantum channels, thus generalizing the classical framework of coronography to the quantum setting. Using this framework, we compare the information-theoretic performance of leading coronagraph designs against the quantum limits. Our analysis indicates that quantum-optimal coronagraphs offer enhanced information efficiency in the sub-diffraction regime compared to leading coronagraph designs and may significantly expand the domain of accessible exoplanets.