The variational models with nonlocal regularization offer superior image restoration quality over traditional method. But the processing speed remains a bottleneck due to the calculation quantity brought by the recent iterative algorithms. In this paper, a fast algorithm is proposed to restore the multichannel image in the presence of additive Gaussian noise by minimizing an energy function consisting of an l2-norm fidelity term and a nonlocal vectorial total variational regularization term. This algorithm is based on the variable splitting and penalty techniques in optimization. Following our previous work on the proof of the existence and the uniqueness of the solution of the model, we establish and prove the convergence properties of this algorithm, which are the finite convergence for some variables and the q-linear convergence for the rest. Experiments show that this model has a fabulous texture-preserving property in restoring color images. Both the theoretical derivation of the computation complexity analysis and the experimental results show that the proposed algorithm performs favorably in comparison to the widely used fixed point algorithm.