With the rapid development of unmanned aerial vehicle (UAV) and sensor technology, UAVs that can simultaneously carry different sensors have been increasingly used to monitor nitrogen status in crops due to their flexibility and adaptability. This study aimed to explore how to use the image information combined from two different sensors mounted on an UAV to evaluate leaf nitrogen content (LNC) in corn. Field experiments with corn were conducted using different nitrogen rates and cultivars at the National Precision Agriculture Research and Demonstration Base in China in 2017. Digital RGB and multispectral images were obtained synchronously by UAV in the V12, R1, and R3 growth stages of corn, respectively. A novel family of modified vegetation indices, named coverage adjusted spectral indices (CASIs (CASI =VI/1+FVcover, where VI denotes the reference vegetation index and FVcover refers to the fraction of vegetation coverage), has been introduced to estimate LNC in corn. Thereby, typical VIs were extracted from multispectral images, which have the advantage of relatively higher spectral resolution, and FVcover was calculated by RGB images that feature higher spatial resolution. Then, the PLS (partial least squares) method was employed to investigate the relationships between LNC and the optimal set of CASIs or VIs selected by the RFA (random frog algorithm) in different corn growth stages. The analysis results indicated that whether removing soil noise or not, CASIs guaranteed a better estimation of LNC than VIs for all of the three growth stages of corn, and the usage of CASIs in the R1 stage yielded the best R2 value of 0.59, with a RMSE (root mean square error) of 22.02% and NRMSE (normalized root mean square error) of 8.37%. It was concluded that CASIs, based on the fusion of information acquired synchronously from both lower resolution multispectral and higher resolution RGB images, have a good potential for crop nitrogen monitoring by UAV. Furthermore, they could also serve as a useful way for assessing other physical and chemical parameters in further applications for crops.