Unfortunately, MGI PhotoSuite is a very old application that is not designed to work with newer Windows versions and since it's highly reliant on Internet Explorer 5, I'm surprised you didn't have any troubles running it on Windows 7 or 8.
If you're not willing to roll back to your previous Windows version, there are a few workarounds, but I can't guarantee that they will work for you:
First, try rebooting your Windows in safe mode and installing the application like that. Then, restart your PC, go to the MGI folder, look for a file named reg.dll and delete it. Lastly, right-click the application's executable, go to Properties -> Compatibility and set it to Run in compatibility mode for Windows XP SP2. I've seen this solution working, but those who used it said that there was one inconvenience: they could no longer add text to their images.
Alternatively, you can try creating a virtual machine on your current system, installing Windows XP or Windows Vista on it, then installing the MGI PhotoSuite on that virtual machine.
Installation of a virtual machine can be achieved with the help of VirtualBOX: http://virtualbox.software.informer.com/
Note: An original installation disc or ISO is required to fully install the Windows XP OS.