As with everything else in this hobby, it takes a lot of experimentation to get the best results. You can get a head start by hiring an experienced acoustician to come an evaluate your room and provide recommendations, but your personal tastes need to dictate the final solution.
It's relatively easy and inexpensive to experiment with absorption since low cost fiberglass or rock wool panels can be purchased from your local home-improvement store (Lowes, Home Depot, etc.), or you can just use spare blankets, pillows, quilts, etc.
Diffusion is a bit more challenging since good diffusors are somewhat costly. I haven't found the cheap diffusor panels to be that effective.
But once you get it reasonably dialed in, acoustic treatments provide a LOT of bang for the buck.