The properties of polarizing films prepared using iodine vapor and using $I_2/KI$ solution are compared to investigate the possibility of using vapor phase iodine adsorption in preparing polarizing film. The structure of PVA films drawn to different draw ratios and the amount of iodine adsorbed in drawn PVA films using iodine vapor were investigated. Increases in the degree of crystallinity, crystalline orientation index and birefringence with increase in draw ratio of PVA film, were observed by WAXD and polarizing microscope analysis. The amounts of iodine adsorbed by PVA film were 2-4 wt% for 20 min. UV-visible analysis suggests that $I_3{^-}$ and $I_5{^-}$ structures of iodine exist in the polarizing film after drawing in boric acid solution. Single transmittance and degree of polarization of polarizing films prepared using iodine vapor were about 30-50 % and over 99 %, respectively, at total draw ratios of over 3. The possibility of employing vapor phase adsorption of iodine instead of solution adsorption to prepare commercial polarizing film is suggested.