Recently, sparse signal representation of image patches has been explored to solve the pansharpening problem. Although these proposed sparse-reconstruction-based methods lead to promising results, three issues remained unsolved: 1) high computational cost; 2) no consideration given to the possibility of mutually correlated information in different multispectral channels; and 3) requirement that the spectral responses of the panchromatic (Pan) image and the multispectral image cover the same wavelength range, which is not necessarily valid for most sensors. In this paper, we propose a sophisticated sparse image fusion algorithm, which is named “jointly sparse fusion of images” (J-SparseFI). It is based on the earlier proposed sparse fusion of images (SparseFI) algorithm and overcomes the aforementioned three drawbacks of the existing sparse image fusion algorithms. The computational problem is handled by reducing the problem size and by proposing a fully parallelizable scheme. Moreover, J-SparseFI exploits the possible signal structure correlations between multispectral channels by introducing the joint sparsity model (JSM) and sharpening the highly correlated adjacent multispectral channels together. This is done by exploiting the distributed compressive sensing theory that restricts the solution of an underdetermined system by considering an ensemble of signals being jointly sparse. J-SparseFI also offers a practical solution to overcome spectral range mismatch between the Pan and multispectral images. By means of sensor spectral response and channel mutual correlation analysis, the multispectral channels are assigned to primary groups of joint channels, secondary groups of joint channels, and individual channels. Primary groups of joint channels, individual channels, and secondary groups of joint channels are then reconstructed sequentially, by the JSM or by modified SparseFI, using a dictionary trained from the Pan image or previously reconstructed high-resolution multispectral channels. A recipe of how to choose appropriate algorithm parameters, including the most crucial regularization parameter, is provided. The algorithm is evaluated and validated using WorldView-2-like images that are simulated using very high resolution airborne HySpex hyperspectral imagery and further practically demonstrated using real WorldView-2 images. The algorithm's performance is compared with other state-of-the-art methods. Visual and quantitative analyses demonstrate the high quality of the proposed method. In particular, the analysis of the difference images suggests that J-SparseFI is superior in image resolution recovery.