Embodiments of the present invention disclose a co-channel dual polarized microwave device and a method. Frame synchronization is performed on a first receive signal processed by cross polarization interference cancellation and phase noise immunization is performed on the first receive signal processed by frame synchronization. Frame synchronization is performed on a second receive signal not processed by cross polarization interference cancellation and phase noise immunization is performed on the second receive signal processed by frame synchronization. The first receive signal processed by phase noise immunization and the second receive signal processed by phase noise immunization are selectively received according to a frame synchronization state signal and a signal quality signal. Delay alignment is performed on a selectively received signal according to the frame synchronization state signal to implement lossless switching in a selective receiving process.