Polarimetric calibration of radar is indispensable for using radar data effectively. This paper proposes a polarimetric radar calibration algorithm using polarization-preserving and polarization-selective reflectors as reference targets. The algorithm assumes radar antenna reciprocity but allows different co-polarization transmission characteristics between horizontal and vertical polarization channels. In processing, the second order terms of small cross-talk factors in antenna polarization transfer characteristics are ignored. The major advantage of the present algorithm is that it does not need assumptions on the scattering characteristics of the background natural surface and is independent of external phase calibration. The results of error analysis show that the present algorithm has sufficient tolerance against errors of reference targets. The validity of the present algorithm was evaluated by analyzing the Spaceborne Imaging Radar C (SIR-C) data and the results were satisfactory.