Since Hanbury Brown and Twiss revealed the photon bunching effect of a thermal light source in 1956, almost all studies in correlation optics have been based on light’s intensity fluctuation, regardless of fact that the polarization fluctuation is a basic attribute of natural light. In this work, we uncover the veil of the polarization fluctuation and corresponding photon correlations by proposing a new light source model, termed pseudo-natural light, embodying both intensity and polarization fluctuations. Unexpectedly, the strong antibunching and superbunching effects can be simultaneously realized in such a new source, whose second-order correlation coefficient g(2) can be continuously modulated across 1. For the symmetric Bernoulli distribution of the polarization fluctuation, particularly, g(2) can be in principle from 0 to unlimitedly large. In pseudo-natural light, while the bunching effects of both intensity and polarization fluctuations enhance the bunching to superbunching photon correlation, the antibunching correlation of the polarization fluctuation can also be extracted through the procedure of division operation in the experiment. The antibunching effect and the combination with the bunching one will arouse new applications in quantum imaging. As heuristic examples, we carry out high-quality positive or negative ghost imaging, and devise high-efficiency polarization-sensitive and edge-enhanced imaging. This work, therefore, sheds light on the development of multiple and broad correlation functions for natural light.