In this article, a new subwavelength element is introduced into the broadband folded reflectarray antenna (FRA). The element comprises a rectangular split‐ring resonator with two slits and a square patch located in the center of the rectangular ring. It can achieve superior cross polarization conversion (CPC) performance from 16.2 to 26.4 GHz with 1 dB bandwidth of 45.4%, and high orthogonal polarization isolation. Furthermore, changing the positions of two splits of the element can achieve two discrete reflection phases (0° and 180°) with the high CPC efficiency and angular stability. To verify the feasibility, an FRA using the digitally quantized phase distribution method is designed and measured at 22 GHz. The measured results show that the 1 dB gain bandwidth of the proposed FRA is 30.8%, and the maximum aperture efficiency is 15.4%. This superior performance is comparable with the existing FRAs.