Pansharpening is to fuse a panchromatic (PAN) image with a multispectral (MS) image to obtain a high-spatial-resolution multispectral (HRMS) image. The deep learning-based pansharpening methods usually apply the convolution operation to extract features and only consider the similarity of gradient information between PAN and HRMS images, resulting in the problems of edge blur and spectral distortion in the fusion results. To solve this problem, a multi-supervised mask protection network (MMPN) is proposed to prevent spatial information from being damaged and overcome spectral distortion in the learning process. Firstly, by analyzing the relationships between high-resolution images and corresponding degraded images, a mask protection strategy (MPS) for edge protection is designed to guide the recovery of fused images. Then, based on the MPS, an MMPN containing four branches is constructed to generate the fusion and mask protection images. In MMPN, each branch employs a dual-stream multi-scale feature fusion module (DMFFM), which is built to extract and fuse the features of two input images. Finally, different loss terms are defined for the four branches, and combined into a joint loss function to realize network training. Experiments on simulated and real satellite datasets show that our method is superior to state-of-the-art methods both subjectively and objectively.