In the global climate system, the polar regions are sensitive indicators of climate change, in which sea ice plays an important role. Satellite remote sensing is a significant tool for monitoring sea ice. The use of synthetic aperture radar (SAR) images to distinguish sea ice from sea water is one of the current research hotspots in this topic. To distinguish sea ice from the open sea, the polarization ratio characteristics of sea ice and sea water are studied for L-band and C-band radars, based on an electromagnetic scattering model of sea ice derived from the integral equation method (IEM) and the radiative transfer (RT) model. Numerical experiments are carried out based on the model and the results are given as follows. For L-band, the polarization ratio for sea water depends only on the incident angle, while the polarization ratio for sea ice is related to the incident angle and the ice thickness. For C-band, the sea water polarization ratio is influenced by the incident angle and the root mean square (RMS) height of the sea surface. For C-band, for small to medium incident angles, the polarization ratio for bare sea ice is mainly determined by the incident angle and ice thickness. When the incident angle increases, the RMS height will also affect the polarization ratio for bare sea ice. If snow covers the sea ice, then the polarization ratio for sea ice decreases and is affected by the RMS height of snow surface, snow thickness, volume fraction and the radius of scatterers. The results show that the sea ice and the open sea can be distinguished by using either L-band or C-band radar according to their polarization ratio difference. However, the ability of L-band to make this differentiation is higher than that of C-band.