In a polarization multiplexed optical transmitting and receiving apparatus, output light from a light source section of a transmission unit is separated in a polarization separating section, and then modulated in first and second modulation sections, and the modulated lights are synthesized in a polarization synthesizing section, and transmitted to an optical transmission line. Then the polarization multiplexed light propagated through the optical transmission line is demodulated in a reception section of a reception unit, and together with this, transmission characteristic information of the reception light is transferred to the transmission unit. The transmission unit that receives the transmission characteristics information controls a delay section that adjusts a delay amount of relative phases of drive signals of the modulation sections, so that the transmission characteristics of the polarization multiplexed light are within an allowable range. As a result, pulse timing between orthogonal polarization components of the polarization multiplexed light can be flexibly changed with a simple configuration.