A projection display apparatus is provided with a liquid crystal panel, and first to third polarizing layers are arranged on an optical path of light. The transmission axis of the first polarizing layer and the transmission axis of the second polarizing layer orthogonally intersect with each other. The transmission axis of the second polarizing layer and the transmission axis of the third polarizing layer are parallel to each other. The first compensation layer compensates a phase difference generated due to pre-tilt angle on the entering side of the liquid crystal panel. The second compensation layer compensates a phase difference generated due to a pre-tilt angle on the outgoing side of the liquid crystal panel. The third compensation layer compensates a phase difference generated due to deviation between the polarization axis of the light entering the third polarizing layer and the transmission axis of the third polarizing layer.