For most of the traditional pixel-level image fusion methods, the spectral distortion is a common problem in high resolution satellite image fusion. A novel spectral preservation fusion method for Geoeye-1 panchromatic and multispectral image fusion is proposed based on the sensor spectral response. The proposed method has improvement in two parts: the construction of low resolution panchromatic image and the modulation coefficients of spatial detail information. To evaluate the performance and efficiency of the proposed method, some traditional image fusion methods were also used to fuse Geoeye-1 images; and the fusion results of each method were evaluated by qualitative and quantitative comparison and analysis. The results show that the proposed method is better than other methods. It can greatly enhance the spatial detail information and minimize color distortion.