In order to solve complex algorithm that is difficult to achieve real-time processing of Multiband image fusion within large amount of data, a real-time image fusion system based on FPGA and multi-DSP is designed. Five-band image acquisition, image registration, image fusion and display output can be done within the system which uses FPGA as the main processor and the other three DSP as an algorithm processor. Making full use of Flexible and high-speed characteristics of FPGA, while an image fusion algorithm based on multi-wavelet transform is optimized and applied to the system. The final experimental results show that the frame rate of 15 Hz, with a resolution of 1392 × 1040 of the five-band image can be used by the system to complete processing within 41ms.