Provided is a light source system, including: a light-emitting module configured to emit first light along a first light path and second light along a second light path; a wavelength conversion device configured to receive the first light and emit excited light with a color different from the first light; and a compensation device configured to guide the second light and adjust its luminous intensity distribution so that the luminous intensity distribution of the second light exiting from the compensation device is substantially identical to the excited light. The compensation device includes a compensation element configured to adjust luminous intensity distribution of a light beam so that an emergent light beam of the compensation element has reduced overall luminous intensity compared with an incident light beam. The second light exiting from the compensation device is combined with the excited light to form third light.