Chaos-based encryption is promising for safeguarding digital images. Nonetheless, existing chaos-based encryption algorithms still exhibit certain shortcomings. Given this, we propose a novel multi-channel image encryption algorithm that leverages pixel reorganization and hyperchaotic maps (MIEA-PRHM). Our MIEA-PRHM algorithm employs two hyperchaotic maps to jointly generate chaotic sequences, ensuring a larger key space and better randomness. During the encryption process, we first convert input images into two fused matrices through pixel reorganization. Then, we apply two rounds of scrambling and diffusion operations, coupled with one round of substitution operations, to the high 4-bit matrix. For the low 4-bit matrix, we conduct one round of substitution and diffusion operations. Extensive experiments and comparisons demonstrate that MIEA-PRHM outperforms many recent encryption algorithms in various aspects, especially in encryption efficiency.