Taking Wang Ye Dian Forestry Farm as the study area, forest volumes of sample plots were obtained as the true value through field investigation. At the same time, the images of satellite ZiYuan 3(ZY-3) were processed, and corresponding band spectra value, combination value of spectra and topographic information of the sample volumes were obtained. Through multiple regression analysis, broad leaved forest and coniferous forest volume estimation models were established. The experimental results show that the correlation coefficient of broad leaved forest volume estimation model was 0.815, and that of coniferous forest was 0.761. There was a strong correlation between the spectra value, combination of spectra, topographic factors of ZY-3 and the forest volume. The model prediction accuracy was verified, and accuracies of broad leaved forest and coniferous forest models were 85.3% and 91.9%, respectively. The study suggests that the use of ZY-3 images for the forest volume estimation has good application prospect.