Electrical control of spin polarization is very desirable in spintronics, since electric fields can be easily applied locally, in contrast to magnetic fields. Here, we propose a new concept of bipolar magnetic semiconductors (BMS) in which completely spin-polarized currents with reversible spin polarization can be created and controlled simply by applying a gate voltage. This is a result of the unique electronic structure of BMS, where the valence and conduction bands possess opposite spin polarization when approaching the Fermi level. BMS is thus expected to have potential for various applications. Our band structure and spin-polarized electronic transport calculations on semi-hydrogenated single-walled carbon nanotubes confirm the existence of BMS materials and demonstrate the electrical control of spin-polarization in them.