With the continuous advancement of on-orbit services and space intelligence sensing technologies, the efficient and accurate identification of spacecraft components has become increasingly critical. However, complex lighting conditions, background interference, and limited onboard computing resources present significant challenges to existing segmentation algorithms. To address these challenges, this paper proposes a lightweight spacecraft component segmentation framework for on-orbit applications, termed M4MLF-YOLO. Based on the YOLOv5 architecture, we propose a refined lightweight design strategy that aims to balance segmentation accuracy and resource consumption in satellite-based scenarios. MobileNetV4 is adopted as the backbone network to minimize computational overhead. Additionally, a Multi-Scale Fourier Adaptive Calibration Module (MFAC) is designed to enhance multi-scale feature modeling and boundary discrimination capabilities in the frequency domain. We also introduce a Linear Deformable Convolution (LDConv) to explicitly control the spatial sampling span and distribution of the convolution kernel, thereby linearly adjusting the receptive field coverage range to improve feature extraction capabilities while effectively reducing computational costs. Furthermore, the efficient C3-Faster module is integrated to enhance channel interaction and feature fusion efficiency. A high-quality spacecraft image dataset, comprising both real and synthetic images, was constructed, covering various backgrounds and component types, including solar panels, antennas, payload instruments, thrusters, and optical payloads. Environment-aware preprocessing and enhancement strategies were applied to improve model robustness. Experimental results demonstrate that M4MLF-YOLO achieves excellent segmentation performance while maintaining low model complexity, with precision reaching 95.1% and recall reaching 88.3%, representing improvements of 1.9% and 3.9% over YOLOv5s, respectively. The mAP@0.5 also reached 93.4%. In terms of lightweight design, the model parameter count and computational complexity were reduced by 36.5% and 24.6%, respectively. These results validate that the proposed method significantly enhances deployment efficiency while preserving segmentation accuracy, showcasing promising potential for satellite-based visual perception applications.