For highlighting the infrared targets in the visible image and advancing the quality of infrared and visible fusion images, an image fusion algorithm of infrared and visible images is presented by target extraction. The two binary images are fused to obtain the target image by edge extraction and threshold segmentation on the infrared images. The infrared image, the infrared target image and the value component of visible image turned to hue, saturation, value (HSV) color space are decomposed multi-resolution by Laplace transformation. The high-frequency decomposition coefficients are fused by rules based on calculating the mutual information, matching degree and energy of corresponding region, and the low-frequency coefficients are fused by region information rules combining with the rules based on regional fusing. Lastly the fusion image reconfiguration is realized through Laplace transformation and inverse transformation. Experimental results show that the image fusion algorithm presented highlights the targets of the infrared image as much as possible, and injects details information of the visible image. Fusion image definition and visual effects are better than the traditional algorithms.