In this paper, a novel dual‐band dual‐polarized leaky‐wave antenna (LWA) with polarization diversity is proposed using half mode substrate‐integrated waveguide (HMSIW)‐based technology. HMSIW LWAs are generally single band. In this work, by etching simple spiral type slots on the HMSIW cavity, a novel dual‐band dual‐polarized LWA is designed. The proposed antenna resonates at 5.6 and 8.5 GHz. Moreover, the antenna radiates the linearly polarized wave in the lower band and circularly polarized (CP) wave in the higher operating band. Also, in the higher operating band between 8.7 and 9.3 GHz, the proposed overall antenna exhibits both right‐hand circular polarization as well as the left‐hand circular polarization in the near main beam direction. The −10 dB impedance bandwidth of the proposed antenna at the lower and the higher operating bands are 27% (4.86‐6.4 GHz) and 25% (7.4‐9.6 GHz), respectively. In the higher band, the 3‐dB axial ratio bandwidth of 6.6% (8.7‐9.3 GHz) is achieved. The main beam of the antenna can be steered from 19° to 69° in the forward direction in the lower operating band. In the higher operating band, the antenna can steer the CP beam between −17° and −32°. In both the lower bands, the realized peak gain is observed around 13.3 dBi, whereas in the higher band, the realized peak gain is observed around 14 dBi.