The numerical optimization results of constant thickness septum polarizer’s performances for various operating fractional bandwidths (FBW) are presented in the paper. The polarizer’s structure includes a common input square waveguide, a constant thickness septum with several steps, and two output rectangular waveguides. The polarizer design of 2-, 3-, 4-, and 5-step septums is optimized for different narrow and wide operating FBWs to obtain the simultaneously maximum values of cross-polarization discrimination and isolation between rectangular ports and return losses. The optimized dimensions of the septums for FBW = 5, 10, 15, 18, and 20% are presented. Based on the obtained results, Q- and K-band prototypes were manufactured and their performances were measured. The measurements of the prototypes are in good agreement with simulations. These optimization results can be widely used for the development of septum polarizers and prediction of their performances for various FBW in the required frequency range.