The tripolarized MIMO system can provide one more degree of freedom and have a more compacted size over a dual-polarized MIMO system, which is attractive for high-capacity wireless communication systems. In this paper, we analyze and model channel properties for tripolarized MIMO systems based on experimental channel measurements in typical indoor and outdoor scenarios. Firstly, channel measurement campaigns in the laboratory and the Urban Micro (UMi) scenarios on sub-6 GHz bands are presented. Then, based on measured data, path loss, delay spread (DS), and cross-polarization discrimination (XPD) for 9 polarization combinations are analyzed and modeled in a statistical way. Statistical results of these channel properties are also given. It is observed that channel properties of both large-scale fading and small-scale fading depend strongly on the polarization direction. Furthermore, we evaluate the performance of tripolarized MIMO systems by analyzing the Demmel condition number and channel capacity gain (CG). For both the indoor and the outdoor scenarios, it is found that colocated tripolarized antenna can bring a nearly threefold CG with respect to the unipolarized one. These results can give good insights into the design and evaluation of tripolarized MIMO systems.