Aimed at the problems of optical frequency combs, such as their large number of comb lines, their high flatness, and their lack of ease in generating, as well as the fact that the channelization efficiency of the scheme based on optical frequency combs is low, we proposed a microwave photonic channelization receiver based on signal polarization multiplexing. Using two-line local optical frequency combs with different frequencies to demodulate the RF signal in the orthogonal polarization state, 16 sub-channels with a bandwidth of 1 GHz can be received simultaneously. The experimental results show that the image rejection ratio can reach 28 dB, and the third-order spurious-free dynamic range of the system can reach 96.8 dB·Hz2∕3. This scheme has the advantages of a large number of sub-channels and a high channelization efficiency; it has great application potential in broadband wireless communication, radar, and electronic warfare systems.