Time-dependent polarized radiative transfer in an atmosphere-ocean system exposed to external illumination is numerically investigated. The specular reflection and transmission effects based on the relative refractive index between the atmosphere and water are considered. A modified Monte Carlo (MMC) algorithm combined with time shift and superposition principle, which significantly improves the computational efficiency of the traditional Monte Carlo (TMC) method, is developed to simulate the time-dependent polarized radiative transfer process. The accuracy and computational superiority of the MMC for polarized radiative transfer in the atmosphere-ocean system are validated, and the time-resolved polarized radiative signals are discussed.