Time-of-flight (ToF) polarized neutron reflectometry enables the detailed investigation of depth-resolved magnetic structures in thin film and multilayer magnetic systems. The general advantage of the time-of-flight mode of operation over monochromatic instruments is a decoupling of spectral shape and polarization of the neutron beam with variable resolution. Thus, a wide Q-range can be investigated using a single angle of incidence, with resolution and flux well-adjusted to the experimental requirement. Our paper reviews the current status of the polarization equipment of the ToF reflectometer PLATYPUS and presents first results obtained on stratified Ni80Fe20/α-Fe2O3 films, revealing the distribution of magnetic moments in an exchange bias system. An outlook on the future development of the PLATYPUS polarization system towards the implementation of a polarized 3He cell is presented and discussed with respect to the efficiency and high Q-coverage up to 1 Å−1 and 0.15 Å−1 in the vertical and lateral momentum transfer, respectively.