An image processing method, a camera assembly and a mobile terminal. The image processing method includes: obtaining a Bayer image and a panchromatic image, obtaining an RGB image after processing the Bayer image with a first processing algorithm and a demosaicing algorithm, obtaining a luminance image after processing the panchromatic image with the first processing algorithm, obtaining a fused RGB image by fusing the RGB image and the luminance image, and obtaining a YUV image after processing the fused RGB image with a second processing algorithm.