We propose and analyze a compact polarizing beam splitter (PBS) based on a metal-insulator-metal (MIM) structure inserted into a multimode interference coupler (MMI). Owing to the MIM structure, the TE polarized state is reflected by the cut-off condition while the TM polarized state is transmitted by the surface plasmon polariton, and the two polarized states can thus be separated. In this paper, the dependence of the reflected TE and transmitted TM field intensities on the MIM length and the gap thickness has been studied systematically. The proposed PBS structure, with a total size of 4 × 0.7 × 44 µm(3) is designed with MIM length, gap thickness, and metal thickness of 0.6 µm, 0.5 µm, and 0.05 µm, respectively. In the designed PBS, the transmittance for the TM polarized light, reflectance for the TE polarized light, extinction ratio, and insertion losses of the TE and TM modes are obtained using a 3D finite-difference time-domain method to be 0.9, 0.88, 12.55 dB, and 1.1 dB and 0.9 dB, respectively. The designed PBS has a much shorter length, 44 µm, compared to previous PBS devices.