A broadband polarization-adjustable antenna realized by two waveguide circular polarizers is proposed in this paper. The antenna consists of a rectangular-to-circular transition waveguide, two identically structured rectangular slot circular polarizers, and a conical horn, all connected in sequence. By rotating the two circular polarizers to specific angles, the antenna can switch among four polarization modes: horizontal polarization, vertical polarization, left-hand circular polarization, and right-hand circular polarization. The antenna polarization adjustment principle is thoroughly analyzed. Taking the X-band polarization-adjustable antenna as an example, simulation and optimization were performed, and a prototype was fabricated and measured. The antenna’s reflection coefficient is below −18 dB across all polarization modes from 9.2 to 10 GHz. In linear polarized modes, gains exceed 10.5 dBi. For circular polarized modes, the gains align with those of linear modes, with an axial ratio of less than 1 dB in the operating frequency band. The measured results are consistent with the simulation results, confirming its excellent polarization adjustment performance and potential for high power microwave applications.