The multibeam high-throughput satellites (HTS) are regarded as a crucial component in the forthcoming space-based Internet of Things (S-IoT) network. The multi-band frequency conversion capability of HTS is essential for achieving high-capacity information interconnection in the S-IoT network. To enhance the frequency conversion capability of the on-board payload, a reconfigurable local oscillator (LO) harmonic mixer with simultaneous phase shifting and image-rejection is proposed and demonstrated based on a polarization division multiplexing dual-parallel Mach–Zehnder modulator (PDM-DPMZM). By adjusting the input radio frequency (RF) signal and direct current (DC) bias voltage of the modulator, four different LO frequency-multiplication mixing functions can be achieved. The phase of the generated signal can be flexibly tuned over a full 360° range by controlling the angle α between the polarization direction of the polarizer and one axis of the modulator, and it has a flat amplitude response. When combined with an optical frequency comb, the scheme can be extended to a multi-channel multi-band frequency conversion system with an independent phase tuning capability. Additionally, by adjusting the phase difference between dual channel output signals, it can be reconfigured to implement in-phase/quadrature (I/Q) mixing, double-balanced mixing and image-reject mixing.