The present invention discloses a low-orbit satellite-borne image-spectrum associated detection method and payload. The method includes: (1) detecting and tracking moving targets and dynamic phenomena based on a pixel offset compensation method; and (2) performing multi-dimensional characteristic analysis on infrared spectra of the moving targets and the dynamic phenomena, to identify the moving targets and the dynamic phenomena. The payload includes a two-dimensional servo turntable, an infrared reflector, a multispectral infrared optical system, an infrared imaging unit, a broadband infrared spectrum measuring unit, a data processing unit and a control unit. The present invention can achieve coaxiality of an infrared imaging optical path and a short/medium/long wave infrared spectrum measuring optical path, detect infrared image information and infrared spectra of moving targets and dynamic phenomena simultaneously and realize automatic detection, tracking, spectrum measurement and identification of multiple moving targets and dynamic phenomena in a scene, and has high identification efficiency and high tracking and positioning accuracy.