Ground-based remote sensing system is a significant way to understand the growth of corn and provide accurate and scientific data for precision agriculture. The vehicle-borne system is one of the most important tools for corn canopy monitoring. However, the vehicle-borne growth monitoring system cannot maintain steady operations due to the row spacing of corn. The reflectance of corn canopy, which was used to construct the model for the chlorophyll content, was disturbed by the reflectance of soil background. The background interference with the reflectance could not be removed effectively, which would result in a deviation in the growth monitoring. In order to overcome this problem, a novel vegetation index named MPRI was developed in the present paper. The tests were carried out by the vehicle-borne system on the cornfield. The sensors which configured the vehicle-borne system had 4 bands, being respectively 550, 650, 766 and 850 nm. It would obtain the spectral data while the vehicle moved along the row direction. The sampling rate was about 1 point per second. The GPS receiver obtained the location information at the same rate. MPRI was made up by the reflectance ratio of 660 and 550 nm. It was very effective to analyze the information about the reflectance of the canopy. The results of experiments showed that the MPRI of soil was the positive value and the MPRI of canopy was the negative value. So it is easier to distinguish the spectral information about soil and corn canopy by MPRI. The results indicated that: it had satisfactory forecasting accuracy for the chlorophyll content by using the MPRI on the moving monitoring. The R2 of the prediction model was about 0.72. The R2 of the model of NDVI, which was used to represent the chlorophyll content, was only 0.24. It indicates that MPRI had good measurement results for the dynamic measurement process. It provided the novel measurement way to get the canopy reflectance spectra and the better vegetation index to construct the prediction model of the contents of chlorophyll.