The augmented affine projection algorithm (AAPA) has considerably excellent performance for highly colored input signals. However, the direct matrix inversion operation leads to a high computational complexity, especially with high projection order. Inspired by the excellent characteristics of set-membership filtering (SMF), this paper proposes the augmented set-membership affine projection algorithm (ASM-APA), which not only has low computational complexity but also offers improved performance compared with AAPA. Then, the computational complexity and stability of ASM-APA are analyzed, and the condition for maintaining the stability of the algorithm is provided. Finally, in the computer simulation phase, the results of the simulation experiments demonstrated that ASM-APA has superior performance compared to AAPA.