Image segmentation is a fundamental research topic in image processing and computer vision. In recent decades, researchers developed a large number of segmentation algorithms for various applications. Among these algorithms, the normalized cut (Ncut) segmentation method is widely applied due to its good performance. The Ncut segmentation model is an optimization problem whose energy is defined on a specifically designed graph. Thus, the segmentation results of the existing Ncut method are largely dependent on a preconstructed similarity measure on the graph since this measure is usually given empirically by users. This flaw will lead to some undesirable segmentation results. In this paper, we propose an Ncut-based segmentation algorithm by integrating an adaptive similarity measure and spatial regularization. The proposed model combines the Parzen--Rosenblatt window method, nonlocal weights entropy, Ncut energy, and regularizer of phase field in a variational framework. Our method can adaptively update the similarity measure function by estimating some parameters. This adaptive procedure enables the proposed algorithm to find a better similarity measure for classification than the Ncut method. We provide some mathematical interpretation of the proposed adaptive similarity from multiple viewpoints, such as statistics and convex optimization. In addition, the regularizer of phase field can guarantee that the proposed algorithm has a robust performance in the presence of noise, and it can also rectify the similarity measure with a spatial priori. The well-posed theory such as the existence of the minimizer for the proposed model is given in the paper. Compared with some existing segmentation methods such as the traditional Ncut-based model and the classical Chan--Vese model, the numerical experiments show that our method can provide promising segmentation results.