This paper studies optimal hedging ratio determination by using multivariate stochastic volatility model. First, build a dynamic correlation multivariate stochastic volatility model (DC-MSV), then introduce the multivariate t-distribution and establish DC-t-MSV model. After that, by taking Shanghai and Shenzhen 300 index futures data as samples, the previous two models are used to calculate optimal hedging ratio by combining minimum-variance hedge model respectively, the results show that the hedging effect by using DC-t-MSV Model is better than the effect by using DC-MSV. After t-distribution is introduced, DC-t-MSV Model sufficiently considers high-peak and fat-tail characteristics of financial data, meanwhile, its parameter estimation partly uses Markov Chain Monte Carlo imitation method, which overcomes the difficulty in parameter estimation by MSV Model.