Since there are problems of easy cross-talk, large ciphertext transmission and low security in the process of multiple-image encryption, in order to solve these problems, a multiple-image encryption algorithm based on joint power spectral division multiplexing and ghost imaging (GI) is proposed. The joint transform correlator is combined with GI to realize ‘one encryption to one key’, which improves the security of the encryption system. Joint power spectrum (JPS) is compressed by the iterative restoration algorithm to reduce the transmissions of ciphertext. The joint power spectral division multiplexing is used, and the optimized phase mask is linearly superposed. The JPS of each channel has different positions on the spectrum plane, and then the non-crosstalk superposition is realized by window filtering. In this paper, the security, robustness, and encryption capacity of the encryption system are verified by numerical simulation.