An approximate multiplier based on static segment method was proposed. The partial product array was generated by modified Booth encoding method based on static segment method. After Booth encoding, the generated partial product array was optimized with error compensation and compressed by approximate compressing tree to achieve a compromise between hardware performance and accuracy. The simulation results show that, compared with the full-precision multiplier generated by the EDA tool, the proposed design reduces the area and power consumption by 36.96% and 35.95% respectively while maintaining high precision. In the application of image edge detection, the peak signal-to-noise ratio and structural similarity index of the proposed design are 26.10 and 98% respectively, indicating that the application result is close to that of full-precision multiplier while reducing hardware resource consumption.