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A novel 3D cluster-based double-directional MIMO channel model with consideration of polarization is proposed and the modeling process is described in detail. The spatial channel model (SCM) proposed by 3GPP (3rd Generation Partnership Project) is retrieved and compared with the new model. Based on the new model, capacity and spatial correlation of the co-located dual- and triple-polarized MIMO systems are simulated through Monte-Carlo method and the results are analyzed. Simulation results reveal that triple-polarized antennas can be deployed in MIMO systems to improve the channel capacity remarkably in rich scattering environments. The impact of the azimuth and elevation angle spread (AS) on the channel correlation is also analyzed by simulation at the end of the paper.