A fusion approach is proposed to refine the resolution of multi-spectral images using the corresponding high-resolution panchromatic images. The technique is based on intensity modulation and non-separable wavelet frame. The high-resolution panchromatic image is decomposed by the non-separable wavelet frame. Then the wavelet coefficients are used as the factor of modulating to modulate the multi-spectral image. Experimental results indicate that, comparing with the traditional methods, the proposed method can efficiently preserve the spectral information while improving the spatial resolution of remote sensing images.