The invention discloses a laser light source module and a laser projection device, and relates to the technical field of laser light sources. The problems are solved that that a laser light source module has a complicated structure, a large space, and is difficult to apply to a device structure with a small size in the prior art. The laser light source module comprises a laser group, and a polarizing layer, a light combining unit and a wavelength conversion component which are sequentially disposed along the light emitting direction of the laser group. The laser group emits a first polarized blue laser. The wavelength conversion component includes a fluorescent region and a polarization transition region. The fluorescent region receives the first polarized blue laser to generate red fluorescence and/or green fluorescence for reflection. The polarization transition region receives the first polarized blue laser and converts the first polarized blue laser to a second polarized blue laserfor reflection. The light combining unit reflects red and/or green fluorescence reflected by the wavelength conversion component. The polarizing layer reflects the second polarized blue laser reflected by the wavelength conversion component.