A broadband multi‐functional bi‐switchable ultrathin optical metamaterial design is investigated, which can achieve a high polarization conversion efficiency over a wide band of frequencies in the terahertz (THz) regime. The proposed design switches from a linear and circular polarization converter (LPC/CPC) to an efficient absorber by using the phase change property of a functional material, vanadium dioxide (VO2). The proposed design shows switching from an absorber to a reflector using the mechanical configuration of the functional material, and therefore the design can be used as a bi‐switchable device. The first type of switching is accomplished by changing the conductivity of the functional material, while the second type of switching is achieved with the help of the mechanical configuration of the functional material. Moreover, the structure is responsive to wide incident angles. The proposed switchable design has the potential to contribute to the development of tunable polarization rotating devices and on/off switching LPC devices, which have wide applications in detection, sensing, and communications.