The magneto-optical properties of single-crystal silicon were investigated as a function of wavelength and temperature. A bulk free-space traditional Faraday isolator for the radiation with a wavelength of 1940 nm (magnetic field ∼2.8 Т) was implemented. The negative value of the piezo-optical anisotropy ratio of the used material allowed for the development of a Faraday isolator with compensation of thermally induced depolarization without a reciprocal rotator. The potential of single-crystal silicon as a magneto-optical material for Faraday isolators operating at room as well as at cryogenic temperatures in high-power laser radiation was considered. It was shown that single-crystal silicon is highly promising for the development of Faraday devices, including ones for next-generation laser interferometers aimed at detecting gravitational waves.