The DTM derived by image matching delineates the canopy surface, rather than the ground surface, and is suitable for the radiometric correction for multispectral images. If a pair of multispectral images is available, the DTM may be automatically generated by image matching, the geometric/radiometric corrections may be performed in a selfsufficient environment. To fully utilize the complimentary information of multispectral images, a scheme for adaptively matching a pair of SPOT multispectral images is proposed. Before starting a matching procedure the raw images are transformed to the quasi-epipolar coordinate system. Based on the least squares matching, each of the three-band images is applied first for similarity assessment with its counterpart. Then the best match is selected among the three bands for each point of the stereopair. The best match is considered successful provided the correlation coefficient is larger than a threshold. In addition to matching the gray scale images, we also test the performance of matching first principal component (PC1) pairs. Experimental results indicate that the highest accuracy is reached when the adaptive scheme includes the PC1 matching.