This paper puts forward a novel magnetically insulated transmission line oscillator (MILO) for the first time which takes a modified HEM11 mode as its main interaction mode. The excitation of the oscillation mode is made possible by carefully adjusting the arrangements of each resonant cavity in a two-dimensionai (2-D) slow wave structure. The high frequency characteristics are analyzed and a PIC simulation is carried out; the detailed results are discussed to get a better understanding of this new MILO. Employing an electron beam of about 441 kV and 39.7 kA, it finds that the modified HEM11 mode MILO generates a high power microwave output of about 1.47 GW at 1.45 GHz. The power conversion efficiency is about 8.4% and the generated microwave is in a TE11-like circularly polarized mode; its polarization direction is decided by the rotation direction of the SWS.