Motivated by increasing demands on high-quality measurement of interior magnetic field in tokamak plasma, a far-infrared laser-based polarimeter-interferometer system has been developed on J-TEXT. Three formic acid lasers separately pumped by three CO2 lasers are used as sources, providing more than 90 mW output power in total. High laser power along with usage of newly developed planar Schottky diode mixer enable high phase resolution < 1 mrad. Collinearity and polarization calibrations have been carefully done to improve the measurement reliability. Meanwhile, real-time feedback control of three-wave laser source has been realized for the first time, to fulfill the system stability. Based on three-wave technique, Faraday angle and integrated density phase along the laser path are simultaneously measured with high temporal resolution. In addition, the laser beam is expanded to cover the entire cross-section of the plasma to provide high spatial resolution measurement. With this system, MHD equilibrium of the J-TEXT plasma has been reconstructed. Obscure perturbations on magnetic topology and electron density associated with MHD instabilities, e.g. sawteeth and tearing modes have also been observed. In particular, some interesting features of disruptions in high-density discharges are identified by carefully interpreting the measured polarimeter-interferometer data. In the density ramp-up phase of a high density discharge, asymmetry in both electron density and current density profiles between the Low-Field-Side (LFS) edge (r > 0.8a) and the High-Field-Side (HFS) edge (r < −0.8a) would appear and extend gradually toward the center region. At the same time, a low-frequency (< 1 kHz) density perturbation suddenly occurs at the HFS edge and also gradually propagates into the center region. The disruption takes place when the electron density asymmetry/perturbation reaches the location nearly the m/n = 2/1 (where m and n are the toroidal mode number and the poloidal one, respectively) resonant surface. Evolution of the reconstructed electron density and current density profiles present the details on the asymmetrical behaviors and provide a possible explanation for the high density disruption.