Disclosed are a color wheel device and a projector, wherein the color wheel device comprises: a color wheel chamber used for accommodating a color wheel module and provided with an air inlet and an air outlet; a heat exchanger having a heat-exchange core, the heat-exchange core being provided with a first channel for air in the color wheel chamber passing, the air outlet of the color wheel chamber being communicated with a heat-exchange inlet of the first channel, and a heat-exchange outlet of the first channel being communicated with the air inlet of the color wheel chamber to form a closed circulating air duct, wherein the first channel has multiple layers spaced apart from one another, and the space between two adjacent layers of the first channel forms a second channel for outside air passing; and an air propulsion device used for accelerating air flow.