Using the form factors calculated both in lattice QCD and HQET, we analyze the branching ratio, double-lepton polarization asymmetries and averaged double-lepton polarization asymmetries of Λb Λμ+μ− decay in the 2HDM III, respectively. Combining the experimental constrains on the 2HDM III parameters, we take two set of representative parameter spaces in our calculations. For the branching ratio of Λb → Λμ+μ− decay, considering the uncertainties of the form factors and input parameters, we find the results of both SM and 2HDM III can satisfy the current experimental data in the framework of lattice QCD, but not in HQET. Then we calculate the double-lepton polarization asymmetries Pij and their averaged values 〈Pij〉, we find the double-lepton polarization asymmetries PLT, PNN, and PTT are sensitive to the 2HDM III. However, PLN, PNL, PNT, and PTN show the opposite results. The contribution of the 2HDM III to their averaged values have similar results.
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