A light source module including a blue laser light source, an adjusting light source, a wavelength conversion device, and a light combiner is provided. The wavelength conversion device is disposed on an optical path of a first blue beam provided by the blue laser light source and an optical path of an adjusting beam provided by the adjusting light source. When a first transmissive area of the wavelength conversion device is cut into the optical path of the first blue beam, the blue laser light source and the adjusting light source are simultaneously turned on. A transmission direction of the first blue beam passing through the first transmissive area is opposite to a transmission direction of the adjusting beam passing through the first transmissive area. The light combiner combines the first blue beam and the adjusting beam into a second blue beam. Moreover, a projection apparatus is provided. The light source module and the projection apparatus in the invention may adjust a blue beam complied with a wider color gamut specification, and is easy to achieve an image with wider color gamut.