  We perform an analysis on the electromagnetic form factors of the $\Lambda$
hyperon in the time-like reaction $e^+e^-\rightarrow \Lambda\bar\Lambda$ by
using a modified vector meson dominance model. We consider both the intrinsic
structure components and the meson clouds components. For the latter one, we
not only include the contributions from the $\phi$ and $\omega$ mesons, but
also take into account the contributions from the resonance states
$\omega(1420)$, $\omega(1650)$, $\phi(1680)$ and $\phi(2170)$. We extract the
model parameters by combined fit to the time-like effective form factor
$|G_{\rm{eff}}|$, the electromagnetic form factor ratio $|G_E/G_M|$ and the
relative phase $\Delta\Phi$ of the $\Lambda$ hyperon from the BaBar and BESIII
Collaborations. We find that the vector meson dominance model can
simultaneously describe these observables. Particularly, the inclusion of the
resonance states in the model is necessary for explaining the ratio $|G_E/G_M|$
in a wide range of $\sqrt{s}$ as well as the large phase angle. With the fitted
parameters, we predict the single and double polarization observables, which
could be measured in polarized annihilation reactions. Moreover, we
analytically continue the expression of the form factors to space-like region
and estimate the space-like form factors of $\Lambda$ hyperon.
