A polarizing optical element changes its optical reflectance and/or transmittance according to a polarization state of incoming light. The optical element includes: a first grating layer including multiple striped portions that extend in a predetermined direction; and a second grating layer including multiple striped portions that extend in that predetermined direction. Average grating pitches of the first and second grating layers are both defined to be shorter than the wavelength of the incoming light. The first grating layer is made of a first material that exhibits a light reflecting property to the incoming light. The second grating layer is made of a second material that reduces the reflection of the incoming light from the first grating layer.