Abstract: While deep generative models have become the leading methods for algorithmic composition, it remains a challenging problem to control the generation process because the latent variables of most deep-learning models lack good interpretability. Inspired by the content-style disentanglement idea, we design a novel architecture, under the VAE framework, that effectively learns two interpretable latent factors of polyphonic music: chord and texture. The current model focuses on learning 8-beat long piano composition segments. We show that such chord-texture disentanglement provides a controllable generation pathway leading to a wide spectrum of applications, including compositional style transfer, texture variation, and accompaniment arrangement. Both objective and subjective evaluations show that our method achieves a successful disentanglement and high quality controlled music generation.