To overcome shortcomings of current polarization image fusion methods, a novel false-color imagery fusion approach based on color transfer and clustering-based segmentation was proposed. Firstly, the images by polarization information analysis were mapped into HSI color space, thus the initial false-color fused image was obtained. Then, the fused image was transformed into YIQ color space, and the chromatic characteristics each channel was modified using those of the reference image. After that, the modified image was transformed into HSI color space, and the segmentation result of the image of degree of linear polarization using fuzzy C-means clustering algorithm was used to adjust its hue component and saturation component. Finally, the resultant image was transformed back into RGB color space, so the final fused image was obtained. Experimental results show that, the proposed method has the merit that the fused result is consistent with the habit of human vision perception, and makes the contrast of artificial targets within the cluttered background more outstanding.