It has become an interesting topic for modern radar possessing capabilities of polarimetric measurement, high‐resolution imaging, and good delay‐Doppler resolution. The linear frequency modulation (LFM) scheme is widely used in radar systems as it can achieve both high Doppler tolerance and resolution. Based on the LFM scheme, a novel waveform is proposed, namely, the orthogonal double V‐linear frequency modulation (ODV‐LFM), which exhibits the capability to mitigate the influence of delay‐Doppler coupling and reduces the risk of false targets and ghosts in multiple‐target scenes. Based on the ODV‐LFM signal, a simultaneous polarimetric measurement method is proposed to obtain fully polarimetric information of the target. According to the unique chirp rate characteristic of the ODV‐LFM signal, the pointwise linear and non‐linear processing methods are proposed to enhance delay‐Doppler resolution, suppress sidelobes, and achieve high‐resolution imaging without substantially compromising the signal detection performance. Finally, simulated experiments are conducted to demonstrate the superiority of the proposed waveform and methods.