This paper presents the development of a four-port dual-band dual-polarized antenna for transmitting/receiving (Tx/Rx) applications in Ku-band satellite communications. The antenna consists of two antenna elements sharing a common radiating aperture, a low-band element formed by an L-probe proximity-fed square-ring radiator for operation at the Rx band of 10.7–12.75 GHz, and a high-band element realized by a stacked-patch radiator for operation at the Tx band of 13.75–14.5 GHz. Within a compact multilayer structure, the antenna achieves wide dual-band operation, with each band having the ability to simultaneously operate with dual polarization. An antenna prototype is fabricated and tested to verify its performance. The experimental results show that the proposed antenna achieves an impedance bandwidth of 9.28–12.96 GHz (13.21–15.32 GHz), an isolation value between two orthogonal polarizations of 12 dB (12.4 dB), and a peak gain of 6.63 dBi (5.42 diBi) at the low band (high band). Tx/Rx isolation of more than 14 dB is achieved in both the Rx band and Tx band.