Metamaterials promise an exotic approach to artificially manipulate the polarization state of electromagnetic waves and boost the design of polarimetric devices for sensitive detection, imaging and wireless communication. Here, we present the design and experimental demonstration of an ultrathin (λ/1724) terahertz quarter-wave plate based on planar babinet-inverted metasurface. The quarter-wave plate consisting of arrays of asymmetric cross apertures reveals a high transmission of 0.545 with 90 degrees phase delay at 0.870 THz. The calculated ellipticity indicates a high degree of polarization conversion from linear to circular polarization. With respect to different incident polarization angles, left-handed circular polarized light, right-handed circular polarized light and elliptically polarized light can be created by this novel design. An analytical model is applied to describe transmitted amplitudes, phase delay and ellipticitiy, which are in good agreement with the measured and simulated results. The planar babinet-inverted metasurface with the analytical model opens up new avenues for new functional terahertz devices design.