This paper focuses on the studies on the polarization- modulator-based single-side-band modulator (PSSBM) as well as its implementation in generation of frequency-locked multicarrier. The principle and properties of PSSBM have been analyzed in detail with theoretical and simulation results. Then, the PSSBM-based frequency-locked multicarrier generator (PSMCG) with recirculating frequency shifting loop has also been demonstrated via simulation. The results have a good agreement with the theoretical analysis. According to the results, multiple frequency-locked carriers with high quality can be achieved based on the proposed PSMCG. The generated carriers have the potential applications in different scenarios such as optical transmission, microwave photonics and so on.