To overcome the drawback of conventional false color fusion methods for polarization images, a image fusion approach based on non-negative factorization and IHS(Intensity Hus Saturation)color model is presented. Firstly, all of the polarization parameter images obtained by polarization information analysis are taken as source data set for non-negative matrix factorization, so as to extract three feature basis images containing most of the polarization information of the object. Then, after histogram matching, these three feature basis images are mapped into three color channels of IHS color model. Finally, the fused image is achieved after the transform from IHS to RGB color model. Experiment results have shown that, the proposed method has better color representation capability, and effectively pops out detailed information of objects, and enhances its readability.