In response to the current state and developmental requirements of HF (High Frequency) reconnaissance and localization, research work on the processing of ionospheric wave propagation multipath and polarization information has been conducted. This research investigates the simulation data of shortwave ionospheric multipath propagation delay and polarization matching, and quantitatively analyzes the relationship among the polarization state of the electromagnetic wave signal when it is received by the antenna, the polarization state when the electromagnetic wave signal is emitted, and the changes in the polarization state of the electromagnetic wave during its propagation in the ionosphere. A shortwave ionospheric multipolarization propagation model is constructed, and the research on the relationship between shortwave ionospheric multipath propagation delay and polarization matching is completed. The simulation results indicate that for shortwave signals, their polarization rate after passing through the ionosphere is only related to the angle between the propagation direction and the geomagnetic field.