Based on the circuit resonance theory of the electromagnetic local resonance, a novel frequency selective surface structure with the property of polarization separation is designed by loading the lumped inductors and capacitors to the periodic array with “I” elements. The operation principle of the structure at all polarizations is analyzed by using the equivalent circuit method. And the influences of the polarization, incident angle and parameters of the lumped device on the transmission characteristics of the FSS are simulated and discussed by using the full-wave numerical analysis method. The results indicate that the designed structure has a good property of polarization separation at about 6.37 GHz, the transmission characteristics are stable with the scan angle increasing from 0° to 40° at TE and TM polarization, and by controlling the lumped inductors and capacitors, the transmission characteristics for TM polarization can be regulated independently while the transmission characteristics for TE polarization remain constant. The proposed structure is conductive to the designs of the polarization separator and the polarized wave generator.