Disclosed are a light source system and a display device, including: a first light source configured to emit first light; a second light source configured to emit second light; a wavelength conversion device configured to perform a wavelength conversion on the first light to obtain third light; a first optical splitter having a first area and a second area; and a first light combining device. The first optical splitter moves in timing sequence to make the first area and the second area be sequentially located on a preset light path. A side surface of the first optical splitter is configured to homogenize the first light and the second light that are emitted to the first light combining device; and the first light combining device is configured to guide the first light, the second light, and the third light to exit along a same light path to form illumination light.