A flexible dual‐band efficient polarization converter is realized by both coupled mode theory (CMT) analysis and numerical simulation in the microwave regime. The proposed structure can convert linearly polarized electromagnetic waves into their orthogonal components in the two sidebands. Moreover, a specular reflection performance is obtained in the central frequency band. The polarization conversion ratio (PCR) and operating bandwidth of dual band is dynamically modulated by vanadium dioxide (VO2). In the simulation results, it is shown that the proposed metasurface can achieve linear polarization conversion in 8.17–12.87 and 14.63–18.92 GHz in the insulating phase. PCRs of the dual band are 97.06% and 98.13%, the corresponding relative bandwidths (RBs) are 44.68% and 25.58%. In the metallic phase, the PCRs in 6.81–13.95 and 16.23–18.16 GHz are 91.12% (RB = 68.79%) and 96.92% (RB = 11.22%). The analyses of the phase difference (u–v coordinate system) and the surface current are given to explain the mechanisms of dual‐band and high PCR. The simulation results are in good agreement with those of CMT. Furthermore, the structure has a robust response to the oblique incidence angle (up to 30°) and has polarization insensitivity. The proposed metasurface has great potential applications in antenna radiation, biosensing, and stealth technology.