Waveguide displays, a highly competitive solution for augmented reality (AR), have attracted a lot of interest. A polarization-dependent binocular waveguide display using polarization volume lenses (PVLs) and polarization volume gratings (PVGs) as input and output couplers, respectively, is proposed. Light from a single image source is delivered to the left and right eyes independently according to its polarization state. Compared with traditional waveguide display systems, no additional collimation system is needed due to the deflection and collimation capabilities of PVLs. Leveraging the high efficiency, wide angular bandwidth, and polarization selectivity of liquid crystal elements, different images can be independently and accurately produced in the two eyes when the polarization of the image source is modulated. The proposed design paves the way for a compact and lightweight binocular AR near-eye display.