We report the design concept and performance of a compact, light-weight, and economic imaging polarimeter, TRIPOL (the Triple Range Imager and POLarimeter), capable of simultaneous optical imagery and polarimetry. TRIPOL splits the beam from wavelength 400 to 830 nm into g ′ -, r ′ -, and i ′ -bands with two dichroic mirrors, and measures polarization with an achromatic half-waveplate and a wire-grid. The simultaneity makes TRIPOL a useful tool for small telescopes for photometry and polarimetry of time variable and wavelength dependent phenomena. TRIPOL is devised for a Cassegrain telescope of an aperture of ∼1 m. This paper presents the engineering considerations of TRIPOL and compares the expected with the observed performance. Using the Lulin 1-m telescope and 100 seconds integration, the limiting magnitudes are g ′ ∼ 19.0 mag, r ′ ∼ 18.5 mag and i ′ ∼ 18.0 mag with a signal-to-noise of 10, in agreement with design expectation. The instrumental polarization is measured to be ∼ 0.3% at three bands. Two applications, one to the star-forming cloud IC 5146, and the other to the young variable GM Cep, are presented as demonstration.