A nested modulator is provided where the circuit arrangement of modifying electrodes including signal electrodes is simplified, and at the same time, the drive voltage can be lowered.A nested modulator, including: a substrate 20 made of a material having electro-optic effects; an optical waveguide formed on the substrate; and a modulating electrode for modulating light waves which are guided through the optical waveguide, wherein the optical waveguide has a main Mach-Zehnder waveguide 1 and sub-Mach-Zehnder waveguides 2 and 3 provided on two branching waveguides of the main Mach-Zehnder waveguide, and the modulating electrode is provided in a sub-branching waveguide of the sub-Mach-Zehnder waveguides, is characterized in that a polarization reversal region 46 or 47 is formed in a portion of a sub-branching waveguide of each of the sub-Mach-Zehnder waveguides, the modulating electrode is formed of signal electrodes including introduced signal electrodes 40 or 43, branching single electrodes 41 or 44 and lead signal electrodes 42 or 45 as well as ground electrodes for each of sub-Mach-Zehnder waveguides, and the branching signal electrodes which branch from the introduced signal electrode are placed so as to work on two sub-branching waveguides for each of the sub-Mach-Zehnder waveguides.