Threshold based segmentation method is widely used because of its simplicity, high efficiency and easy implementation. However, as the number of thresholds increases, the algorithm's search space also increases, increasing computational complexity, which reduces computational efficiency and segmentation accuracy. Additionally, the existing multi-threshold (MT) segmentation methods still struggle with slow convergence speed and low solution accuracy. The optimum threshold for the image is determined in this study using the Slime Mould Algorithm with the Mechanism of Leadership and Self-phagocytosis (SMA-MLS). Firstly, the initial population production method based on Logistic-Tent mapping is introduced to enhance the diversity of algorithm solutions. Secondly, the position update formula with leadership mechanism is proposed to improve the convergence speed and accuracy. In addition, the adaptive combined mutation mechanism balances the exploration and exploitation ability. Finally, the self-phagocytosis mechanism maintains population diversity and heritability. A series of benchmark test suites are employed to evaluate the performance of the algorithm. Experimental results demonstrate that SMA-MLS does show good performance. It is superior in terms of convergence accuracy, convergence speed and stability. In the MT segmentation experiments, by using Kapur as the objective function and working with color images, SMA-MLS proved to be effective in the MT segmentation problem of images. Moreover, SMA-MLS will be applied to mechanical parameter optimization, neural network and other fields in future research.