Imperceptibility and robustness are the two complementary, but fundamental requirements of any digital image watermarking method. To improve the invisibility and robustness of multiplicative image watermarking, a complex wavelet based watermarking algorithm is proposed by using the human visual texture masking and visual saliency model. First, image blocks with high entropy are selected as the watermark embedding space to achieve imperceptibility. Then, an adaptive multiplicative watermark embedding strength factor is designed by utilizing texture masking and visual saliency to enhance robustness. Furthermore, the complex wavelet coefficients of the low frequency sub-band are modeled by a Gaussian distribution, and a watermark decoding method is proposed based on the maximum likelihood criterion. Finally, the effectiveness of the watermarking is validated by using the peak signal-to-noise ratio (PSNR) and the structural similarity index measure (SSIM) through experiments. Simulation results demonstrate the invisibility of the proposed method and its strong robustness against various attacks, including additive noise, image filtering, JPEG compression, amplitude scaling, rotation attack, and combinational attack.