In this paper, we introduce a new quantum key distribution protocol, which we refer to as polarization-phase (PoP) protocol. In this protocol, two degrees of photonic freedom of the same particle in a hybrid manner are used to encode the information in the format of two- or high-dimensional quantum states (qubits and qudits, respectively). Here, we only discuss the qubit version of the general PoP protocol (we refer to two-dimensional PoP (TD-PoP) protocol) as an interesting extension for the standard BB84 protocol. We investigate the performance of the TD-PoP protocol using infinite-key analysis against restricted individual attacks, i.e. the intercept-resend and photon number splitting attacks, in both ideal single-photon and Poisson (attenuated laser) sources. In addition, we demonstrate that this protocol, despite using two physical dimensions, is simple and fully has empirical implementation capability. Ability to extract two bits of information from each detection event, and increasing the sifting parameter, the secure key rate, and the likelihood of detection of an eavesdropper, are the advantages of the TD-PoP protocol compared to the standard polarization- or phase-encoded BB84 protocol.