In this paper, we propose an improved Chebyshev map and a visually meaningful image encryption (VMIE) algorithm based on two-dimensional compressive sensing (2DCS). First, the adoption of 2DCS compresses the plain image, wherein the measurement matrix is processed by the simulated annealing algorithm to improve the quality of the reconstructed image. Second, a diffusion operation is performed on the sample data. Furthermore, a matrix encoding matrix is employed to insert the cryptographic image into the host image to obtain a visually meaningful steganographic image. The experimental results and comprehensive analyses show that the proposed scheme has feasible performance and stands up to various attacks. Eventually, the comparison with existing related schemes demonstrates that the proposed image encryption system has the advantages of visual security and reconstruction quality.