When light launches into the water, the emitted polarized light is closely related to water physical and chemical properties by reflection, scattering and absorption. It can reflect the concentration of water composition, and can be used to monitor water quality in the complex lake water for important information. Taking Chao Lake as an example, three-band polarized hyperspectral semi-analytical model of lake chlorophyll was established by the hyperspectral multi-angle polarization measurement data on water surface on the basis of the theory of polarized light and bio-optical model. The result shows that the correlation between polarized hyperspectral three-band combination and chlorophyll concentration was discovered to be 0.76, while RMSE and MRE were found to be 5.14 μg·L-1 and 31.44% respectively, which are increased by 4.1%, 2.05 μg·L-1 and 5.46% respectively than the traditional three-band radiation model. This indicates that the three-band polarized semi-analytical model has strong predictive ability for chlorophyll concentration, which reflects the advantages of polarized hyperspectral information for monitoring lake water quality.