A light source module and a projection apparatus comprising the same are provided. The light source module comprises a light source unit, a light splitting element, and a condenser lens. The light source unit is configured to provide first color light beams including a first sub-light beam and a third sub-light beam, and second color light beams including a second sub-light beam and a fourth sub-light beam. The light source unit comprises a first light source unit to provide the first and second sub-light beams, and a second light source unit to provide the third and fourth sub-light beams. One of the first sub-light beam and the third sub-light beam is transmitted to the condenser lens after being reflected by the light splitting element, and the other of the first sub-light beam and the third sub-light beam is transmitted to the condenser lens after passing through the light splitting element.