A light source module and a projection apparatus are provided. The light source module includes a blue light source, a red light source, a wavelength conversion wheel and a filter wheel. The blue light source provides a blue light beam. The red light source provides a red light beam. The wavelength conversion wheel is disposed on a transmission path of the blue light beam and has a wavelength conversion region. The blue light beam is converted into a green light beam by the wavelength conversion region. The filter wheel is disposed on transmission paths of the blue light beam and the red light beam. The filter wheel includes a filter region and a diffusion region. A filter spectrum of the filter region includes a first bandwidth and a second bandwidth. The first bandwidth and the second bandwidth are separated with each other.