A wavelength selective optical isolator is proposed. Being different from conventional isolators, a welldesigned wave plate is employed and works together with the Faraday rotator. Different wavelengths thus experiences different phase retardation so that wavelength-dependant polarization states are obtained for bidirectional beams. A (1.49μm, 1.31μm) wavelength selective isolator is demonstrated, which means 1.49μm light only may propagate along onedirection why the opposite wave is only for 1.31μm light. Over 60 dB optical isolation is obtained, which has promising applications in access optical networks.