40 Gb/s polymer electro-optic modulators with microstrip line traveling-wave electrode are designed, fabricated and tested. Assuming that the electro-optic coefficient γ33 of the core polymer is 30 pm/V, the performance parameters of the designed modulator are half-wave voltage Vπ=4.94 V and modulation bandwidth 42 GHz. The modulator is fabricated using the second-order nonlinear optical polymer material BPAN-NT with a completely independent intellectual property as the core layer material of the polymer electro-optic modulator. After that, the performances of the modulators in direct current (DC), low frequencies and microwave regions are tested. The low-frequency (237 Hz) Vπ values at 1.31 and 1.55 μm wavelengths are 32.1 and 40.5 V, respectively. The electro-optic coefficient of core layer material γ33 is thus obtained as 3.856 pm/V. The extinction ratio is measured to be 20 dB. Within the frequencies ranging from 50 MHz to 40 GHz, the actual measured microwave attenuation coefficient α0 of the electrode system is 0.6 dB·cm-1·GHz-1/2, Using this value, the modulation bandwidth of the modulator is calculated to be 42.70 GHz. The modulation indices are measured by using optical spectrum analyzer in the frequency range from 7.5 to 16 GHz and from 32 to 40 GHz. And the frequency response curve of the modulation index M of the electro-optic polymer modulator is also obtained. The 3 dB bandwidth of the 40 Gb/s modulator is 30 GHz.