A novel orthogonal polarization optical carrier suppression with carrier (OCS+C) modulation and a coherent balanced detection intersatellite microwave photonic link with improved signal-to-noise and distortion ratio (SNDR) is proposed. By bidirectional use of a polarization modulator in a Sagnac loop in conjunction with a polarization beam splitter and two polarization controllers, only the light wave along the clockwise direction is effectively modulated while the counterclockwise light wave is not modulated due to the velocity mismatch, which generates the orthogonal polarization OCS+C modulation signal to mitigate the third-order intermodulation distortion (IMD3) and the signal-amplifier spontaneous emission beating noise. By demultiplexing and adjusting the polarization of the orthogonal polarization OCS+C modulation signal, coherent balanced detection can be realized without a local oscillator signal in the receiver, which suppresses the second-order distortions. Thus, a broadband linearized intersatellite microwave photonic link with high SNDR is achieved. Simulation results show that the maximum SNDR of 36.2 dB can be obtained when the optimum modulation index is 0.26, which is 8 dB higher than our previously proposed intersatellite microwave photonic link with an optical preamplifier.