The disclosure is directed to an element that is capable of acting as both an optical polarizer and an optical attenuator, thus integrating both functions into a single element. The element comprises a monolithic or one piece glass polarizer (herein also call the “substrate”), a multilayer “light attenuation or light attenuating” (“LA”) coating that has been optimized for use at selected wavelengths and attenuations deposited on at least one polarizer facial surface, and a multilayer anti-reflective (AR) coating on top of the LA coating. The disclosure is further directed to an integrated optical isolator/attenuator comprising a first and a second polarizing elements and a Faraday rotator for rotating light positioned after the first polarizing element and before the second polarizing element, the integrated optical isolator/attenuator both polarizing and attenuation a light beam from a light source.