We report technology development of millimeter/submillimeter polarization modulators that operate by introducing a variable, controlled phase delay between two orthogonal polarization states. The variable-delay polarization modulator (VPM) operates via the introduction of a variable phase delay between two linear orthogonal polarization states, resulting in a variable mapping of a single linear polarization into a combination of that Stokes parameter and circular (Stokes V) polarization. Characterization of a prototype VPM is presented at 350 and 3000 microns. We also describe a modulator in which a variable phase delay is introduced between right- and left- circular polarization states. In this architecture, linear polarization is fully modulated. Each of these devices consists of a polarization diplexer parallel to and in front of a movable mirror. Modulation involves sub-wavelength translations of the mirror that change the magnitude of the phase delay.