Abstract: A microwave circulator/isolator includes PINs, a shell, and a locating dielectric slice, wherein a laminated assembly is arranged in the shell, notches are formed in the peripheral wall of the shell, and the laminated assembly includes a central conductor electrically connected to the PINs which are fixed to the locating dielectric slice arranged in the shell. The microwave circulator/isolator simplifies the production process, lowers the machining difficulty of the shell, reduces the production cost, and improves the production efficiency.