A projection screen and a projection apparatus are provided. The projection screen includes a base, a rolling mechanism, a lifting mechanism, an optical curtain and a tensioning mechanism. The rolling mechanism is disposed on the base. A first end of the lifting mechanism is fixedly connected to the base. A first end of the optical curtain is fixedly connected to the rolling mechanism, and a second end of the optical curtain is fixedly connected to a second end of the lifting mechanism. A tensioning mechanism is fixedly connected to the rolling mechanism and the second end of the lifting mechanism. The lifting mechanism is located between the optical curtain and the tensioning mechanism. The projection apparatus includes the above projection screen and an optical engine.