Because optical frequency combs with a large number of comb lines and high flatness are difficult to generate and the channelization efficiency of them is low, a microwave photonic channelized receiver based on signal polarization multiplexing is proposed. By using two 2-line local optical frequency combs with different frequencies to demodulate the radio frequency signal in the orthogonal polarization state, 16 subchannels with a bandwidth of 1 GHz can be received simultaneously. Experimental results show that the image rejection ratio and the third-order spurious-free dynamic range of the system can reach 24 dB and 95.2 dB·Hz^2∕3, respectively. The proposed receiver can simultaneously receive a large number of subchannels and have a high channelization efficiency; thus, it has great application potential in broadband wireless communication, radar, and electronic warfare systems.