The invention discloses a polarization and hyper-spectral compression imaging method and system. The polarization and hyper-spectral compression imaging system is provided with an objective lens, a polarization modulator, a collimating lens, a first linear dispersion device, a first convex lens, a spatial modulation mask plate, a second convex lens, a second linear dispersion device, a lens and adetector in sequence along the direction of light transmission, wherein the objective lens is used for imaging a target on the polarization modulator. The polarization and hyper-spectral compression imaging method comprises the following steps: imaging the target on the polarization modulator, collimating the emergent light, carrying out first dispersion on the collimated emergent light, carryingout spatial modulation on the dispersed light signal, carrying out second dispersion, projecting the light on the detector, collecting data by using a computer, completing data calculation, and restoring four-dimensional data information of the target. The invention realizes the hyper-spectral instantaneous compression imaging of three-dimensional data cubes in a certain vision field under the control of polarization modulation, greatly reduces the quantity of data received by the detector, improves the signal-to-noise ratio of the system and is especially beneficial to the target imaging of weak light intensity and strong dispersion.