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This paper addresses the remote sensing image pan-sharpening problem from the perspective of compressed sensing (CS) theory which ensures that with the sparsity regularization, a compressible signal can be correctly recovered from the global linear sampled data. First, the degradation model from a high- to low-resolution multispectral (MS) image and high-resolution panchromatic (PAN) image is constructed as a linear sampling process which is formulated as a matrix. Then, the model matrix is considered as the measurement matrix in CS, so pan-sharpening is converted into signal restoration problem with sparsity regularization. Finally, the basis pursuit (BP) algorithm is used to resolve the restoration problem, which can recover the high-resolution MS image effectively. The QuickBird and IKONOS satellite images are used to test the proposed method. The experimental results show that the proposed method can well preserve spectral and spatial details of the source images. The pan-sharpened high-resolution MS image by the proposed method is competitive or even superior to those images fused by other well-known methods.