The polarization characteristics of a metal coated elliptic-core optical fiber polarizer are analysed theoretically using a rectangular-core waveguide model. The loss of the TM-like and TE-like models of such a polarizer has been obtained as a function of depth of polishing. The study shows that the polarization extinction ratio increases with the increase of depth of polishing, attains a maximum value and then starts decreasing. Further, the present study shows that a simple planar waveguide model can also be used to predict the polarization characteristics of such polarizer quite accurately.