The DS-1 satellite was launched successfully on 3 June 2021 from the Taiyuan Satellite Launch Center. The satellite is equipped with a 1 m panchromatic and a 4 m multispectral sensor, providing high-resolution and wide-field optical remote sensing imaging capabilities. For satellites equipped with panchromatic and multispectral sensors, conventional geometric processing methods in the past involved separate calibration for the panchromatic sensor and the multispectral sensor. This method produced distinct internal and external calibration parameters in the respective bands, and also resulted in nonlinear geometric misalignments between the panchromatic and multispectral images due to satellite chattering and other factors. To better capitalize on the high spatial resolution of panchromatic imagery and the superior spectral resolution of multispectral imagery, it is necessary to perform registration on the calibrated panchromatic and multispectral images. When registering separately calibrated panchromatic and multispectral images, poor consistency between panchromatic and multispectral images leads to a small number of corresponding points, resulting in poor accuracy and registration effects. To address this issue, we propose a joint panchromatic and multispectral calibration method to register the panchromatic and multispectral images. Before geometric calibration, it is necessary to perform corresponding points matching. When matching, the small interval between the panchromatic and multispectral Charge-Coupled Devices (CCDs) results in a small intersection angle of the corresponding points between the panchromatic and multispectral images. As a result of this, the consistency between the spectral bands significantly improves, and the corresponding points match to have a more uniform distribution and a wider coverage. The technique enhances the consistent registration accuracy of both the panchromatic and multispectral bands. Experiments demonstrate that the joint calibration method yields a registration accuracy of panchromatic and multispectral bands exceeding 0.3 pixels.