The invention discloses a fusion method for a multispectral image and a panchromatic satellite image. The method includes: respectively extracting SIFT feature points of the multispectral image and the panchromatic satellite image, and performing dimension reduction processing; performing rough matching and mismatching removal of the SIFT feature points after dimension reduction processing by employing a BBF algorithm, and performing accurate matching by employing affine transformation; performing HIS transformation of the multispectral image after accurate matching, obtaining components of brightness, saturation, and chromaticity, respectively performing wavelet transform of the brightness component and a histogram of the panchromatic satellite image, performing high-frequency replacement and inverse wavelet transform of wavelet transform results of the brightness component and the histogram in sequence, and obtaining a new brightness component; and updating the new brightness component via preset parameters, and performing HIS inverse transformation of the updated brightness component, the saturation component, and the chromaticity component in order to realize image fusion. According to the method, accurate and effective registration of the panchromatic satellite image and the multispectral image can be realized, and the fusion image is effectively obtained.