We study a decoupling limit of M-theory where the three-form gauge potential becomes critical. This limit leads to nonrelativistic M-theory coupled to a non-Lorentzian spacetime geometry. Nonrelativistic M-theory is U-dual to M-theory in the discrete light cone quantization, a non-perturbative approach related to the Matrix theory description of M-theory. We focus on the compactification of nonrelativistic M-theory over a two-torus that exhibits anisotropic behaviors due to the foliation structure of the spacetime geometry. We develop a frame covariant formalism of the toroidal geometry, which provides a geometrical interpretation of the recently discovered polynomial realization of SL(2 , ℤ) duality in nonrelativistic type IIB superstring theory. We will show that the nonrelativistic IIB string background fields transform as polynomials of an effective Galilean “boost velocity” on the two-torus. As an application, we construct an action principle describing a single M5-brane in nonrelativistic M-theory and study its compactification over the anisotropic two-torus. This procedure leads to a D3-brane action in nonrelativistic IIB string theory that makes the SL(2 , ℤ) invariance manifest in the polynomial realization.