A polarizing element having excellent scattering and polarizing properties is made from a stretched sheet composed of a continuous phase and a dispersed phase. The element has continuous and dispersed phases including different resins, and the refractive index differential between the continuous and dispersed phases along the stretched direction of the sheet differs from that perpendicular to the stretched direction. Incident light with a polarization state for which the refractive index differential is smaller is transmitted through the polarizing element, and incident light with a polarization state for which the refractive index differential is larger is scattered by the polarizing element. The continuous phase and the dispersed phase are bonded to each other substantially free from voids between their phases.