The infrared image (RI) and visible image (VI) fusion method merges complementary information from the infrared and visible imaging sensors to provide an effective way for understanding the scene. The graph filter bank-based graph wavelet transform possesses the advantages of the classic wavelet filter bank and graph representation of a signal. Therefore, we propose an RI and VI fusion method based on oversampled graph filter banks. Specifically, we consider the source images as signals on the regular graph and decompose them into the multiscale representations with M-channel oversampled graph filter banks. Then, the fusion rule for the low-frequency subband is constructed using the modified local coefficient of variation and the bilateral filter. The fusion maps of detail subbands are formed using the standard deviation-based local properties. Finally, the fusion image is obtained by applying the inverse transform on the fusion subband coefficients. The experimental results on benchmark images show the potential of the proposed method in the image fusion applications.