The polarization characteristics of oblique incidence electromagnetic waves in magnetized cold plasma layer are studied using the finite-difference timedomain (FDTD) method based on the trapezoidal recursive convolution (TRC) technology. The TRC-FDTD formulations are derived in detail and are confirmed by computing the reflection and transmission coefficients for the elliptically polarized wave through a magnetized cold plasma slab with arbitrary magnetic direction. Particularly, when the propagation direction of the EM wave is parallel to the magnetic direction, the right-circular-polarized and leftcircular-polarized wave should be considered. When the propagation direction of the EM wave is perpendicular to the magnetic direction, the ordinary polarized wave and extraordinary polarized wave should be considered.