This paper studies the image fusion of high-resolution panchromatic image and low-resolution multispectral image. Based on the classic fusion algorithms on remote sensing image fusion, the PCA (principal component analysis) transform, and discrete wavelet transform, we carry out in-depth research. The compressed sensing (CS) abandons the full sample and shifts the sampling of the signal to sampling information that greatly reduces the potential consumption of traditional signal acquisition and processing. We combine compressed sensing with satellite remote sensing image fusion algorithm and propose an innovative fusion algorithm (CS-FWT-PCA), in which the symmetric fractional B-spline wavelet acts as the sparse base. In the algorithm we use Hama Da matrix as the measurement matrix and SAMP as the reconstruction algorithm and adopt an improved fusion rule based on the local variance. The simulation results show that the CS-FWT-PCA fusion algorithm achieves better fusion effect than the traditional fusion method.