Monochromatic elliptically polarized (CP) ultrashort extreme ultraviolet (EUV) light source with higher ellipticity than 0.80 is developed for the investigation of molecular chirality and electromagnetic phenomena. Elliptically polarized 47-nm high harmonic (HH) is monochromatized from the comb spectrum of HHs by a time-delay compensated monochromator (TDCM) consisting of a pair of Pt-coated toroidal gratings. The ellipticity of EUV light, which is higher than 0.10 at high harmonic generation, is compensated by the anisotropies of the diffraction efficiency and of the phase shift of the toroidal gratings. The degree of polarization is also improved by the diffraction on the gratings. Prior to the polarization compensation, the unknown optical parameters of the toroidal grating at 47 and 50 nm were determined using CP light source and Mueller matrices. The optical parameters were found to be close to those of coated substance Pt. The single-order CP HH light source will be versatile both for spectroscopy and for diffractive imaging.