This invention relates to a method of making a polarizing sheet or film. The invention starts with swelling an un-stretched PVA film in pure water. The swelled PVA film is dipped into an iodine-containing solution to adsorb iodine. The dyed PVA film is then dipped into a dicarboxylic acid-containing solution while uniaxially stretching the dyed PVA film. The dicarboxylic acid-containing solution further contains boric acid. The stretched PVA film is then laminated with etched TAC films. Just before the lamination of the stretched PVA film and the TAC films, a catalytic aqueous solution containing a strong protonic acid and a Lewis acid such as ZnCl.sub.2 is applied to the stretched PVA film.