Abstract A polarization-insensitive graphene-based mid-infrared optical modulator is presented that comprised SiO2/ Ge23Sb7S70, in which two graphene layers are embedded with a semiellipse layout to support transverse magnetic (TM) and transverse electric (TE) polarizing modes with identical absorption. The key performance index for the polarization independent modulator is polarization-sensitivity loss (PSL). The waveguide of our device just supports basic TE and TM modes, and the PSL between two modes is of < 0.24 dB. The model can offer extinction ratio (ER) more than 16 dB and insertion loss less than 1 dB. The operation spectrum ranges from 2 to 2.4 μm with optical bandwidth of 400 nm. The 3 dB modulation bandwidth is as high as 136 GHz based on theoretical calculation.