A heat dissipation module, configured for heat dissipation of at least one first heat source and at least one second heat source, and including a first heat sink, a second heat sink, a first pipe, and a second pipe, is provided. The first heat sink and the first heat source are connected to each other through the first pipe to form a first loop, so that a liquid medium flows through the first heat sink for heat exchange and then flows to the first heat source for circulating heat dissipation. The second heat sink and the second heat source are connected to each other through the second pipe to form a second loop, so that the liquid medium flows through the second heat sink for heat exchange and then flows to the second heat source for circulating heat dissipation. A projection device, including the heat dissipation module, is also provided.