In this Letter, a new strategy for the spectral beam combining (SBC) of an individual laser diode (LD) bar based on a polarization multiplexing external cavity is proposed and demonstrated. The maximum combining efficiency is up to 95.51%, which leads to an output power of 76.6 W and an electro-optic conversion efficiency of 48.33% under continuous wave operation at a current of 100 A. Compared to the conventional SBC, the combining efficiency, the output power, and the electro-optical conversion efficiency present improvements of 12%, 10W, and 6%, respectively. The results show that this novel SBC method is a prospective technique for increasing the combining efficiency of LD bars.