Anisotropy is ubiquitous in solids and enhanced in low-dimensional materials. In response to an electromagnetic wave, anisotropic absorptive and refractive properties result in dichroic and birefringent optical phenomena both in the linear and nonlinear optics regimes. Such material properties have led to a diverse array of useful polarization components in the visible and near-infrared, but mature technology is non-existent in the terahertz (THz). Here, we review several novel types of anisotropic material responses observed in the THz frequency range, including both linear and circular anisotropy, which have long-term implications for the development of THz polarization optics. We start with the extreme linear anisotropy of macroscopically aligned carbon nanotubes, arising from their intrinsically anisotropic dynamic conductivity. Magnetically induced anisotropy will then be reviewed, including the giant Faraday effects observed in semiconductors, semimetals, and two-dimensional electron systems.