The polarization millimeter wave (mmWave) massive multiple-input multiple-output (MIMO) system has been deployed in next-generation wireless communication since it can provide a high-data stream and high space efficiency simultaneously. Polarization channel parameter estimation for polarized mmWave massive MIMO systems is extremely important for directional beamforming with data transmissions. In this paper, the base station (BS) equipped with a large polarization-sensitive array is considered in massive MIMO systems. The polarization channel consists of direction-of-arrival (DOA) and polarization parameters that are estimated from the coexistence of circular and non-circular signals. Based on the unconjugated covariance matrix, the initialized polarization channel estimation is achieved by multiple signal classification (MUSIC). Then, the high-accuracy polarization channel estimation for general non-circular rate signals is performed by reconstructing the corresponding noise matrix. The high-accuracy polarization channel estimation for circular signals is obtained based on covariance matrix differencing. Moreover, the dimension of parameter search is reduced based on the partial derivative of the spectrum function with respect to the non-circular phase. The high-accuracy polarization channel estimation for the maximum non-circular rate signal is finally achieved based on the initialized parameter estimation of the polarization channel. The proposed algorithm estimates different kinds of signals separately. The effect of different kinds of signals is reduced significantly, which means that the resolution probability of different kinds of signals can be dramatically improved. Numerical examples are provided to demonstrate the performance of the proposed algorithm, especially in small angular distances.