An augmented reality (AR) apparatus and method, and an optical engine component, where the AR apparatus includes a light-emitting light source, a polarization splitting subsystem, a first image source, a first optical subsystem, and a first combination subsystem. The first optical subsystem includes a first lens group, a first quarter-wave plate, and a first reflection surface. The first optical subsystem is configured to receive second polarized light and output first polarized light to the first combination subsystem. The first combination subsystem is configured to combine the received first polarized light and received external ambient light, and combined light is projected into an eye.