A polarizing color filter based on one-dimensional (1D) subwavelength patterned metal grating combining the function of polarizer and color filter is proposed. The proposed device is consisted of three parts as a substrate, a dielectric grating-layer and a metal grating. The effects of the dielectric grating-layer and the metal grating are investigated in detail by rigorous coupled-wave analysis (RCWA) and its performance is enhanced effectively by utilizing a dielectric grating of high equivalent refractive index. Typical optimized structural parameters are obtained, in which more than 72.6% broadband transmission with greater than 40 dB polarization extinction ratio have been achieved simultaneously for tricolor filter. For the red color filter, the center wavelength is 650 nm and its corresponding transmittance is 72.60% for the green color one, the central wavelength is 550 nm and its corresponding transmittance is 79.86%, while for the blue color one, the central wavelength is 445 nm and its corresponding transmittance is 77.00%. The transmittance can be increased to 117.8％ with the recycle of the TE-polarized light.