Using the most general, model independent effective Hamiltonian, the branching ratio of the B --> K* l(+)l(-) decay, when K* meson is longitudinally or transversally polarized, is presented. The dependence of the branching ratio on the new Wilson coefficients, when K* meson is polarized. is studied. It is observed that the branching ratio is very sensitive to the vector and tenser type interactions, which will be useful in search of new physics beyond the Standard Model. (C) 2001 Elsevier Science B.V. All rights reserved.