A light source system including: a light source device emitting excitation light; an light output device receiving the excitation light and converting it into converted light, wherein the light output device includes at least two different wavelength conversion materials, the converted light of at least one wavelength conversion material being a multi-color light; a light splitting and combining device splitting the multi-color light into a first and a second color light propagating respectively along a first and a second optical channel, wherein the first and second color lights have different wave spectrum coverage ranges; and a first and a second light modulation device respectively modulating the light propagating over the first and second optical channels, wherein the light of three primary colours can be allocated to two DMDs for processing. This results in improved colour gamut of the light source and the light efficiency and reliability of the system.