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A polarization modulator together with a polarizer can implement phase modulation, intensity modulation with tunable chirp, and frequency-doubling intensity modulation. If an optical filter is incorporated, frequency-quadrupling and frequency-sextupling intensity modulations and a microwave photonic phase shifter can also be realized. By using a polarization modulator to replace the intensity modulator in an optoelectronic oscillator, various new features are enabled. In this article, an analytical model for the polarization modulator-based systems is established. The recent development in employing polarization modulators for constructing optoelectronic oscillators is discussed. The emerging applications enabled by the polarization modulator-based optoelectronic oscillators and the possible future development are also discussed.