We revisit the optical anisotropy in quantum dots by using a tight‐binding approach. The mechanisms how shape anisotropy and strain field lead to optical anisotropy are identified. As the anisotropic structure of quantum dots imposes stronger confinement for the localized p‐orbitals aligning along the short axis, the valence‐band electrons prefer to occupy the orbitals aligning along the long axis, which leads to partially linear‐polarized interband emission. For intersubband transitions, the symmetry of those minor components from the valence bands in the electronic states is shown to account for the linear‐polarized absorption, which presents a picture different from that by the single‐band effective‐mass approximation. The dependence of polarization of the primary interband transition on the lateral aspect ratio of the structures is found to be insensitive to the random intermixing effects, which make it an appropriate tool for structure characterization. (© 2009 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)