Background and Objectives: Due to the soft-field effect of the electromagnetic field and the limit of detection, image reconstruction of magnetic induction tomography has to recover more complex electrical characteristics from very few signals. These cause a problem which have underdetermination, nonlinearity, and ill-posed characteristics, and therefore lead to many difficulties in finding its solution. Although many regularization image reconstruction methods exist, they are not suitable for MIT applications due to regularization parameter selection. The purpose of this paper is to study the principle of particle swarm optimization with simulated annealing, and to propose a regularization method for reconstruction, which will provide a new way to solve the MIT image problems. Methods and Models: Firstly, the regularization principle of image reconstruction of MIT will be analyzed. Then the hybrid regularization algorithm, including Tikhonov and NOSER regularization, will be developed, using the dimension of the Hessian matrix as a penalty term respecting the prior knowledge. PSO-SA algorithm will be applied to obtain an optimal solution for regularization parameters. Finally, six typical numerical models and approximately symmetrical cerebral hemorrhage models by COMSOL will be carried out, and the voltage signals obtained from the simulation will be used to verify the proposed reconstruction method. Results: Through the simulation results, the proposed imaging method has the average CC values of 0.9932, 0.8286 and the average RE values of 0.4982, 0.8320 for simple and complex models, respectively. Moreover, when the SNR changes from 55dB to 35dB, the CC value of the cerebral hemorrhage model reduced by 0.1034. The results demonstrate the effectiveness and high theoretical feasibility of the proposed method in MIT image reconstruction. Conclusions: This study indicates the potential application of PSO-SA algorithm in regularization imaging problem. Compared with traditional regularization imaging methods, the proposed method has the advantages of better accuracy, robustness and noise resistance, showing the certain application value in other similar ill-ness imaging problems.