In this letter, a novel design of electrically tunable substrate integrated waveguide (SIW) equalizer, based on PIN diodes, is proposed. Compared to previous SIW equalizers, this one introduces PIN diodes that exhibit varying impedance under different direct current (DC) voltages. The equalizing values of the SIW equalizer are directly linked to the DC voltage applied to the PIN diode within a specific voltage range. This feature allows it to be considered as an electrically tunable SIW equalizer. The experimental results demonstrate that the equalizing values are consistently monotonic and adjustable within the range of 1.59–7.56 dB in Ku‐band. This adjustment is attained through a DC voltage step of −0.01 V, applied within the range of 1.23–1.11 V. Additionally, the microwave equalizer is a planar structure that can be conveniently implemented on traditional printed circuit board, resulting in lower costs, easier realization, and integration. This SIW equalizer can be applied in amplitude compensation circuits and networks to compensate flatness dynamically.