To construct a chaotic system with complex characteristics and to improve the security of image data, a five-dimensional tri-valued memristor chaotic system with high complexity is innovatively constructed. Firstly, a pressure-controlled tri-valued memristor on Liu's pseudo-four-wing chaotic system is introduced. Through analytical methods, such as Lyapunov exponential map, bifurcation map and attractor phase diagram, it is demonstrated that the new system has rich dynamical behaviors with periodic limit rings varying with the coupling parameter of the system, variable airfoil phenomenon as well as transient chaotic phenomenon of chaos-periodic depending on the system parameter and chaos-quasi-periodic depending on the memristor parameter. The system is simulated with dynamic circuits based on Simulink. Secondly, the differently structured synchronous controls of chaotic systems are realized using a nonlinear feedback control method. Finally, based on the newly constructed five-dimensional chaotic system, a variable parameter color image encryption scheme is proposed to iteratively generate varying chaotic pseudo-random sequences by varying the system parameters, which will be used for repetition-free disambiguation, additive modulo left-shift diffusion and DNA encryption for the three components of RGB of the color image after chunking. The simulation results are analyzed by histogram, information entropy, adjacent pixel correlation, etc., and the images are tested using differential attack, noise attack and geometric attack, as well as analyzing the PSNR and SSIM of the decrypted image quality. The results show that the encryption method has a certain degree of security and can be applied to medical, military and financial fields with more complex environmental requirements.