In order to simultaneously maintain the ship magnetic field modeling accuracy, reduce the number of coefficient matrix conditions and the model computational complexity, an improved composite model is designed by introducing the magnetic dipole array model with a single-axis magnetic moment on the basis of the hybrid ellipsoid and magnetic dipole array model. First, the improved composite model of the ship's magnetic field is established based on the magnetic dipole array model with 3-axis magnetic moment, the magnetic dipole array model with only x-axis magnetic moment, and the ellipsoid model. Secondly, the set of equations for calculating the magnetic moments of the composite model is established, and for the problem of solving the pathological set of equations, the least-squares estimation, stepwise regression method, Tikhonov, and truncated singular value decomposition regularization methods are introduced in terms of the magnetic field, and generalized cross-validation is used to solve the optimal regularization parameters. Finally, a ship model test is designed to compare and analyze the effectiveness of the composite and hybrid models in four aspects: the number of coefficient matrix conditions of the model equation set, the relative error of magnetic field fitting, the relative error of magnetic field extrapolation, and the computational time complexity. The modeling results based on the ship model test data show that the composite model can be used for modeling the magnetic field of ships, and compared with the hybrid model, it reduces the number of coefficient matrix conditions and improves the computational efficiency on the basis of retaining a higher modeling accuracy, and it can be effectively applied in related scientific research and engineering.