For an electromagnetic wave, you know that the electric field is perpendicular to the magnetic field, and both oscillate sinusoidally. If the amplitude of the electric field is $E_0$, and the amplitude of the magnetic field is $B_0$, then these two values are related by
$$B_0=\frac{E_0}{c}$$
where $c$ is the speed of light. From this the only logical result is that yes, the magnetic field is also polarized.
The plane in which the electric field oscillates is a plane in space in which the electric field can move. If your electromagnetic wave travels along the $\hat{y}$ direction, then it might be the case that $\vec{E}\parallel\hat{z}$. Thus the plane in which the electric field oscillates has a basis of $\hat{y}$ and $\hat{z}$: it is in the yz-plane. I have attached a diagram below to help illustrate this. The red curve is the electric field component of the wave, and you can see that the amplitude of this frozen snapshot of the wave at some point can be written as $\langle0, y, \sin(y)\rangle$. It should then be apparent that the wave exists in the yz-plane.