Multilevel thresholding is a very active research field in image segmentation, and has been successfully used in various applications. However, the computational time will increase exponentially as the number of thresholds increases, and for color images which contain more information this is even worse. To overcome the drawback while maintaining segmentation accuracy, a modified version of dragonfly algorithm (DA) with opposition-based learning (OBLDA) for color image segmentation is proposed in this paper. The opposition-based learning (OBL) strategy simultaneously considers the current solution and the opposite solution, which are symmetrical in the search space. With the introduction of OBL, the proposed algorithm has a faster convergence speed and more balanced exploration–exploitation compared with the original DA. In order to clearly demonstrate the outstanding performance of the OBLDA, the proposed method is compared with seven state-of-the-art meta-heuristic algorithms, through experiments on 10 test images. The optimal threshold values are calculated by the maximization of between-class variance and Kapur’s entropy. Meanwhile, some indicators, including peak signal to noise ratio (PSNR), feature similarity index (FSIM), structure similarity index (SSIM), the average fitness values, standard deviation (STD), and computation time are used as evaluation criteria in the experiments. The promising results reveal that proposed method has the advantages of high accuracy and remarkable stability. Wilcoxon’s rank sum test and Friedman test are also performed to verify the superiority of OBLDA in a statistical way. Furthermore, various satellite images are also included for robustness testing. In conclusion, the OBLDA algorithm is a feasible and effective method for multilevel thresholding color image segmentation.