In this paper, we present a new type of isolator based on one-way surface magnetoplasmons (SMPs) at microwave frequencies, and it is the first time that an experimental prototype of isolator with wideband and ultra-high isolation is realized using SMP waveguide. The proposed model with gyromagnetic and dielectric layers is systematically analyzed to obtain the dispersion properties of all the possible modes, and a one-way SMP mode is found to have the unidirectional transmission property. In simulation and experiment with metallic waveguide loaded with yttrium–iron–garnet (YIG) ferrite, the scattering parameters and the field distributions agree well with the analysis and verify the one-way transmission property. The isolation is found to be as high as 80 dB and the typical value of insertion loss is 1 dB. Besides, the one-way transmission band can be controlled by changing the magnetic bias. From theoretical analysis and simulation, it is found that with a tiny value of 10 Oe of the magnetic bias, the relative bandwidth can be tuned to be greater than 50%. Compared with conventional isolators, this one-way SMP isolator has the advantages of ultra-high isolation, wide relative frequency band, and requires much smaller bias field, which has promising potential in non-reciprocal applications.