Monte Carlo programs of polarized light transfer have been developed to improve our understanding of light propagation in complex biological media, as well to devise new experimental approaches leveraging the information of light polarization. In this chapter, we review the theoretical framework of Monte Carlo modeling starting with the solutions of the vector integro-differential radiative transfer equation. We then propose a step-by-step Matlab® implementation of a polarization-sensitive Monte Carlo program that will aid the reader to better visualize the mathematical fundamentals. Finally, we review some simulations conducted with Monte Carlo models of different biological environments and experimental systems.