In order to integrate two registered high spatial resolution panchromatic image and low spatial resolution multispectral image of the same scene, a new remote sensing image fusion algorithm based on a novel steerable pyramid frame transform (SPFT) is proposed. Each band of the multispectral image is combined with the panchromatic image. In the individual band fusion, histogram matching is first performed on the panchromatic image to obtain a new high spatial resolution image with a uniform histogram as the band to be fused of the multispectral image. Then, the histogram matched panchromatic image and the band to be fused of the multispectral image are both decomposed by the SPFT. The SPFT coefficients are combined to produce the composite coefficients. Finally, the fused image of the panchromatic image and the band to be fused of the multispectral image is obtained by performing inverse SPFT. Experimental results show that the proposed image fusion algorithm outperforms the traditional methods based on the intensity-hue-saturation (IHS) transform and discrete wavelet frame transform (DWFT), especially in situations where the source images are not perfectly registered.