Mueller–Stokes polarimetry is emerging as a prominent noninvasive imaging technique to study the structural characteristics of an anisotropic medium. Spatial light modulator (SLM) is a programmable liquid crystal device (LCD), which is used to modulate the amplitude, phase, and polarization of light. The compact design and cumbrous manufacturing process of SLM requires its polarimetric calibration prior to its utilization for various applications. In this study, we experimentally demonstrate Mueller–Stokes imaging of a reflective-type SLM (Holoeye, LCR-720) to calibrate its polarization modulation characteristics with respect to its dynamic gray value range (0–255) at different spatial locations of SLM screen. Mueller matrices at 18 different gray values of SLM at an interval of 15, that is, at gray values 0, 15, 30, up to 255 have been experimentally measured using an improvised Mueller matrix imaging polarimeter (MMIP). Crucial polarimetric characteristics, that is, diattenuation, polarizance, state of polarization (SOP), depolarization, and retardance have been estimated with respect to the gray value range of SLM. Significant polarization modulation characteristics [diattenuation (0.08–0.3), polarizance (0.02–0.2), and retardance (0 to π)] have been determined for the SLM. These results indicate that the SLM exhibits spatially variable depolarizing nature and hence it is not perfectly homogeneous in structure. Therefore, it is expected that the outcomes of this study would be helpful for exploring the applicability of Mueller–Stokes polarimetry in advancement of LC technology.