Chaos-based image encryption has become a prominent area of research in recent years. In comparison to ordinary chaotic systems, fractional-order chaotic systems tend to have a greater number of control parameters and more complex dynamical characteristics. Thus, an increasing number of researchers are introducing fractional-order chaotic systems to enhance the security of chaos-based image encryption. However, their suggested algorithms still suffer from some security, practicality, and efficiency problems. To address these problems, we first constructed a new fractional-order 3D Lorenz chaotic system and a 2D sinusoidally constrained polynomial hyper-chaotic map (2D-SCPM). Then, we elaborately developed a multi-image encryption algorithm based on the new fractional-order 3D Lorenz chaotic system and 2D-SCPM (MIEA-FCSM). The introduction of the fractional-order 3D Lorenz chaotic system with the fourth parameter not only enables MIEA-FCSM to have a significantly large key space but also enhances its overall security. Compared with recent alternatives, the structure of 2D-SCPM is simpler and more conducive to application implementation. In our proposed MIEA-FCSM, multi-channel fusion initially reduces the number of pixels to one-sixth of the original. Next, after two rounds of plaintext-related chaotic random substitution, dynamic diffusion, and fast scrambling, the fused 2D pixel matrix is eventually encrypted into the ciphertext one. According to numerous experiments and analyses, MIEA-FCSM obtained excellent scores for key space (2541), correlation coefficients (<0.004), information entropy (7.9994), NPCR (99.6098%), and UACI (33.4659%). Significantly, MIEA-FCSM also attained an average encryption rate as high as 168.5608 Mbps. Due to the superiority of the new fractional-order chaotic system, 2D-SCPM, and targeted designs, MIEA-FCSM outperforms many recently reported leading image encryption algorithms.