Aerosols and water vapor are important atmospheric components, and have significant effects on both atmospheric energy conversion and climate formation. They play the important roles in balancing the radiation budget between the atmosphere and Earth, while water vapor also directly affects rainfall and other weather processes. To further research atmospheric aerosol optical properties and water vapor content, an all-time six-channel multi-wavelength polarization Raman lidar has been developed at Beifang University of Nationalities. In addition to 1064, 532, and 355 nm Mie scattering channels, the lidar has a polarization channel for 532 nm return signals, a 660 nm water vapor channel, and a 607 nm nitrogen detection channel. Experiments verified the lidar's feasibility and return signals from six channels were detected. Using inversion algorithms, extinction coefficient profiles at 1064, 532 and 355 nm, Ångström exponent profiles, depolarization ratio profiles, and water vapor mixing ratio profiles were all obtained. The polarization characteristics and water vapor content of cirrus clouds, the polarization characteristics of dusty weather, and the water vapor profiles over different days were also analyzed. Results show that the lidar has the full-time detection capability for atmospheric aerosol optical properties and water vapor profiles, and real-time measurements of aerosols and water vapor over the Yinchuan area were realized, providing important information for studying the environmental quality and climate change in this area.