A high-performance lens system includes lens elements of small diameters for projecting enlarged images from light valves (mainly Digital Micromirror Devices (DMDs))for forming images by changing reflecting directions of light. The lens system includes, sequentially in order from a magnifying side, a first lens group which makes up a substantially afocal optical system as a whole and a second lens group having a positive refractive power as a whole. Depending on the application a third lens group made up of a single positive lens element is provided in the vicinity of the light valve on a contracting side of the second lens group.