Dicranopteris dichotoma is an important zonal herbaceous plant for ecological restoration in the eroded red soil areas of southern China, and is an effective control of soil erosion. Using remote sensing techniques to monitor the chlorophyll content can help diagnose the vegetation growth and healthy condition of dicranopteris dichotoma. Based on hyperspectral reflectance data and the corresponding chlorophyll contents of dicranopteris dichotoma leaf from six different ecological restoration stages in Zhuxi small watershed of Changting County, Fujian Province, this study analyzed the hyperspectral curve properties of leaf, transformed the original spectral into the first derivative, and selected the sensitive wavebands to create ratio (RVI) and normalized (NDVI, FDNDVI) hyperspectral indices. Then correlation analysis was conducted for the chlorophyll contents and hyperspectral indices which were selected from reported indices and newly constructed indcies with sensitive wavelengths. Based on the correlation coefficients, we can chose the best indices to create estimation models. The linear, exponential, multiplicative, quadratic polynomial, logarithmic, and multivariate regression models were constructed for comparison. Furthermore, the optimal estimation model was determined by the accuracy of each estimation model. Results showed that the sensitive wavelengths of the original spectral for dicranopteris dichotoma leaf at different ecological restoration stages were 407 nm, 603 nm, and that the optimal wavebands of the first derivative were 463 nm, 554 nm, 674 nm, and 739 nm. The relationship between the chlorophyll content of dicranopteris dichotoma leaf and the hyperspectral indices of red edge position (λr), NDVI[603, 407], Modified Red Edge Normalized Difference Vegetation Index (mNDVI705), Vogelmann Index (Vog) were very significant, and the correlation coefficients were over 0.85. The estimation models of chlorophyll content established by hyperspectral indices of mNDVI705, Leaf Chlorophyll Index (LCI), Vog, RVI603/407, NDVI[603, 407] showed better test results, and the R2 were over 0.8. The model established by FDNDVI[739, 463] index had the highest verification accuracy, and the R2 reached 0.741. The multivariate regression model based on hyperspectral indices got highest test results with the highest R2. Therefore, the LCI index and the multivariate regression model based on hyperspectral indices have the strongest ability for predicting chlorophyll concentration, which provides scientific basis for dynamic monitoring of dicranopteris dichotoma in the eroded red soil regions of southern China. It is significant for monitoring soil and water conservation plants. Meanwhile, the objective of this research was to provide effective technical support for ecological restoration by building hyperspectral estimation models of chlorophyll content, with a rapid and non-destructive method for monitoring vegetation growth.