The main aim of this paper is to study tensor factorization for low-rank tensor completion in imaging data. Due to the underlying redundancy of real-world imaging data, the low-tubal-rank tensor factorization (the tensor–tensor product of two factor tensors) can be used to approximate such tensor very well. Motivated by the spatial/temporal smoothness of factor tensors in real-world imaging data, we propose to incorporate a hybrid regularization combining total variation and Tikhonov regularization into low-tubal-rank tensor factorization model for low-rank tensor completion problem. We also develop an efficient proximal alternating minimization (PAM) algorithm to tackle the corresponding minimization problem and establish a global convergence of the PAM algorithm. Numerical results on color images, color videos, and multispectral images are reported to illustrate the superiority of the proposed method over competing methods.