In this paper, we propose an algorithm for one-way hash function construction based on the chaotic look-up table with changeable parameter. First, the original message with padding is divided into block messages as groups and then further broken into sub-block messages, which are translated into corresponding ASCII codes by groups. Then the group ASCII codes are successively inputted into the chaotic look-up table updated by changeable parameter to permute corresponding values. Finally, based on the calculation of the values, 128-bit hash value is generated. Performance analysis indicates that our proposed algorithm satisfies sensitive requirements and can resist all kinds of attacks.