Matrix completion has been widely used in image processing, in which the popular approach is to formulate this issue as a general low-rank matrix approximation problem. This paper proposes a novel regularization method referred to as truncated Frobenius norm (TFN), and presents a hybrid truncated norm (HTN) model combining the truncated nuclear norm and truncated Frobenius norm for solving matrix completion problems. To address this model, a simple and effective two-step iteration algorithm is designed. Further, an adaptive way to change the penalty parameter is introduced to reduce the computational cost. Also, the convergence of the proposed method is discussed and proved mathematically. The proposed approach could not only effectively improve the recovery performance but also greatly promote the stability of the model. Meanwhile, the use of this new method could eliminate large variations that exist when estimating complex models, and achieve competitive successes in matrix completion. Experimental results on the synthetic data, real-world images, and recommendation systems, particularly the use of the statistical analysis strategy, verify the effectiveness and superiority of the proposed method, i.e., the proposed method is more stable and effective than the other state-of-the-art approaches.