In this paper, a novel speckled image de-noising algorithm is proposed. A fractional-order multiplicative variational model is included as a multiplicative constraint in the regularization problem thereby the appropriate regularization parameter will be controlled by the optimization process itself. An adaptive selection method based on image regions property is used for the selection of the appropriate fractional-order value. The proposed algorithm not only overcomes the disadvantage of generating artificial edges but also has the advantage of de-noising and edges preservation.Experimental results show that the fractional order multiplicative variational model can improve the Peak Signal to Noise Ratio (PSNR) of image, preserve image structures and overcomes the disadvantage of generating artificial edges in the de-noising process.