The present application relates to the field of projection technology and discloses a phosphor wheel, a light source module, and a projector. A phosphor wheel includes a base, a first phosphor layer, and a second phosphor layer. The base includes an excitation light reflecting section and an excitation light transmitting section. The first phosphor layer is disposed on a surface of the excitation light reflecting section facing a direction of incident light and spreading along a circumferential direction of the base. The second phosphor layer is disposed on a surface of the excitation light transmitting section facing away from the direction of incident light and spreading along a circumferential direction of the base. The first phosphor layer and the second phosphor layer are offset to each other in a radial direction of the base.