Detailed analyses were carried out for the Faraday effect of electromagnetic waves propagating in longitudinally magnetized ferrite‐filled elliptical waveguides. Few resemblances were found between the Faraday rotation effect in a circular waveguide and that in an elliptical waveguide. The circular waveguide features strong coupling between the dominant vertically and horizontally polarized modes, whereas in the elliptical ferrite‐filled guide very little mode coupling occurs for large eccentricities.