Forest fuel load is the key factor for fire risk assessment, firefighting, and carbon emissions estimation. Remote sensing technology has distinct advantages in fuel load estimation due to its sensitivity to biomass and adequate spatiotemporal observations for large scales. Many related works applied empirical methods with individual satellite observation data to estimate fuel load, which is highly conditioned on local data and limited by saturation problems. Here, we combined optical data (i.e., Landsat 7 ETM+) and spaceborne Synthetic Aperture Radar (SAR) data (i.e., ALOS PALSAR) in a proposed semi-empirical retrieval model to estimate above-ground live forest fuel loads (FLAGL). Specifically, optical data was introduced into water cloud model (WCM) to compensate for vegetation coverage information. For comparison, we also evaluated the performance of single spaceborne L-band SAR data (i.e., ALOS PALSAR) in fuel load estimation with common WCM. The above two comparison experiments were both validated by field measurements (i.e., BioSAR-2008) and leave-one-out cross-validation (LOOCV) method. WCM with single SAR data could achieve reasonable performance (R2 = 0.64 or higher and RMSEr = 35.3% or lower) but occurred an underestimation problem especially in dense forests. The proposed method performed better with R2 increased by 0.05–0.13 and RMSEr decreased by 5.8–12.9%. We also found that the underestimation problem (i.e., saturation problem) was alleviated even when vegetation coverage reached 65% or the total FLAGL reached about 183 Tons/ha. We demonstrated our FLAGL estimation method by validation in an open-access dataset in Sweden.