A novel multilevel threshold segmentation method for color satellite images based on Masi entropy is proposed in this paper. Lévy multiverse optimization algorithm (LMVO) has a strong advantage over the traditional multiverse optimization algorithm (MVO) in finding the optimal solution for the segmentation in the three channels of an RGB image. As the work advancement introduces a Lévy multiverse optimization algorithm which uses tournament selection instead of roulette wheel selection, and updates some formulas in the algorithm with mutation factor. Then, the proposal is called TLMVO, and another advantage is that the population diversity of the algorithm in the latest iterations is maintained. The Masi entropy is used as an application and combined with the improved TLMVO algorithm for satellite color image segmentation. Masi entropy combines the additivity of Renyi entropy and the non-extensibility of Tsallis entropy. By increasing the number of thesholds, the quality of segmenttion becomes better, then the dimensionality of the problem also increases. Fitness function value, average CPU running time, Peak Signal-to-Noise Ratio (PSNR), Structural Similarity Index (SSIM) and Feature Similarity Index (FSIM) were used to evaluate the segmentation results. Further statistical evaluation was given by Wilcoxon’s rank sum test and Friedman test. The experimental results show that the TLMVO algorithm has wide adaptability to high-dimensional optimization problems, and has obvious advantages in objective function value, image quality detection, convergence performance and robustness.