Metal-insulator transitions in a three-component Falicov-Kimball model are investigated within the Kotliar-Ruckenstein slave boson mean-field approach. The model describes a mixture of two interacting fermion atom species loaded into an optical lattice at ultralow temperature. One species is two-component atoms, which can hop in the optical lattice, and the other is single-component atoms, which are localized. Different correlation-driven metal-insulator transitions are observed depending on the atom filling conditions and local interactions. These metal-insulator transitions are classified by the band renormalization factors and the double occupancies of the atom species. The filling conditions and the critical value of the local interactions for these metal-insulator transitions are also analytically established. The obtained results not only are in good agreement with the dynamical mean-field theory for the three-component Falicov-Kimball model but also clarify the nature and properties of the metal-insulator transitions in a simple physics picture.