A polarization modulator based on splitting with a Savart plate and rotation of an analyzer for a moire system with grating imaging is presented, and its modulation principle is analyzed. The polarization modulator is simple and achromatic. It is composed of a polarizer, a Savart plate, and an analyzer. The polarizer and the Savart plate are placed in front of the index grating to split the image of the scale grating in the moire system. The analyzer is placed behind the grating and rotated to realize the modulation of the moire signal. The analyzer can be rotated either continually with high speed or step by step with low speed to form different modulation modes. The polarization modulator makes the moire system insensitive to the change of initial intensity. In experiments, we verified the usefulness of the polarization modulator.