Provided are: a light source device; first, second, and third color separation elements; first, second, and third reflective members which reflect first, second, and third color light in a third direction; first, second, and third reflective liquid crystal panels which optically modulate the first, second, and third color light; a combining optical system which combines the optically modulated first, second and third color light to generate combined light; a projection optical system which projects the combined light; and a relay optical system which is arranged in an optical path of the first color light between the first color separation element and the first reflective liquid crystal panel and forms an erect image.