Tone mapping aims to reproduce high dynamic range (HDR) images on low dynamic range (LDR) display devices. The layer-decomposition-based tone mapping algorithms usually decompose HDR images into base and detail layers and process them accordingly. Since the detail layer is not refined again, these algorithms may suffer from halo artifacts, relatively dull color, and over-enhancement problems. To solve these problems, we introduce the variational image decomposition model and color correction into the field of tone mapping, and propose a tone mapping algorithm that combines the three-part variational image decomposition model with a color correction scheme based on minimum color loss. In contrast to traditional layer-decomposition-based tone mapping algorithms, we employ the three-part decomposition model that decomposes the HDR image into three components: a cartoon component, a texture component, and a high-frequency detail component. The cartoon component is compressed using a gamma function, while the texture and high-frequency detail components are each enhanced using the nonlinear stretching functions. This approach allows for better detail enhancement while preserving the smoothness of the image. In addition, we further use the color correction scheme based on minimum color loss to solve the color problem caused by the layer-decomposition-based tone mapping algorithms. Experimental results show that our proposed tone mapping algorithm can reduce the halo artifacts and preserve the edge details while outperforming some state-of-the-art tone mapping algorithms.