The area of one-bit compressed sensing (1-bit CS) focuses on the recovery of sparse signals from binary measurements. Over the past decade, this field has witnessed the emergence of well-developed theories. However, most of the existing literature is confined to fully random measurement matrices, like random Gaussian and random sub-Gaussian measurements. This limitation often results in high generation and storage costs. This paper aims to apply semi-tensor product-based measurements to 1-bit CS. By utilizing the semi-tensor product, this proposed method can compress high-dimensional signals using lower-dimensional measurement matrices, thereby reducing the cost of generating and storing fully random measurement matrices. We propose a regularized model for this problem that has a closed-form solution. Theoretically, we demonstrate that the solution provides an approximate estimate of the underlying signal with upper bounds on recovery error. Empirically, we conduct a series of experiments on both synthetic and real-world data to demonstrate the proposed method’s ability to utilize a lower-dimensional measurement matrix for signal compression and reconstruction with enhanced flexibility, resulting in improved recovery accuracy.