A one-dimensional metal-dielectric structure was designed for the application of polarized beam splitter (PBS). The band structure of the one-dimensional metal-dielectric structure is calculated, and the PBS is based on the negative refraction for TM polarization and positive refraction for TE polarization in a given frequency range. The transfer matrix method is used to simulate the polarized beam splitting effect as the Gaussian beam enters the finite one-dimensional metal-dielectric structure for both polarizations. The influences of different incident angles and the dissipation of the metal layer absorption on beam splitting are discussed. The simulation shows that this structure possesses the best performance with an incident angle around 55°. For the reason of absorption, the beam splitting ability is limited, the transmittance of TM component changes substantially, but that of TE component is favorable. The transmittance will dicrease and the beam splitting ability will rise when the period of the structure increases. As the operation wavelength increases, the influence of the dissipation of the metal layer will be smaller. This structure can achieve polarized beam splitting in a wide range of wavelength and incident angle with a high transmittance.