Infrared and visible image fusion technique is a popular topic in image analysis because it can integrate complementary information and obtain reliable and accurate description of scenes. Multiscale transform theory as a signal representation method is widely used in image fusion. In this paper, a novel infrared and visible image fusion method is proposed based on spectral graph wavelet transform (SGWT) and bilateral filter. The main novelty of this study is that SGWT is used for image fusion. On the one hand, source images are decomposed by SGWT in its transform domain. The proposed approach not only effectively preserves the details of different source images, but also excellently represents the irregular areas of the source images. On the other hand, a novel weighted average method based on bilateral filter is proposed to fuse low- and high-frequency subbands by taking advantage of spatial consistency of natural images. Experimental results demonstrate that the proposed method outperforms seven recently proposed image fusion methods in terms of both visual effect and objective evaluation metrics.