Measurement for hemodynamic parameters has always been a hot spot of clinical research. Methods for measuring hemodynamic parameters clinically have the problems of invasiveness, complex operation and being unfit for repeated measurement. To solve the problems, an indicator densitometry analysis method is presented based on near-infrared spectroscopy (NIRS) and indicator dilution theory, which realizes the hemodynamic parameters measured noninvasively. While the indocyanine green (ICG) was injected into human body, circulation carried the indicator mixing and diluting with the bloodstream. Then the near-infrared probe was used to emit near-infrared light at 735, 805 and 940 nm wavelengths through the sufferer’s fingertip and synchronously capture the transmission light containing the information of arterial pulse wave. By uploading the measured data, the computer would calculate the ICG concentration, establish continuous concentration curve and compute some intermediate variables such as the mean transmission time (MTT) and the initial blood ICG concentration (ct0). Accordingly Cardiac Output (CO) and Circulating Blood Volume (CBV) could be calculated. Compared with the clinical “gold standard” methods of thermodilution and I-131 isotope-labelling method to measure the two parameters by clinical controlled trials, ten sets of data were obtained. The maximum relative errors of this method were 8.88% and 4.28% respectively, and both of the average relative errors were below 5%. The result indicates that this method can meet the clinical accuracy requirement and can be used as a noninvasive, repeatable and applied solution for clinical hemodynamic parameters measurement.