An illumination module including a first light-emitting element, a first heat dissipation element, a first heat conducting unit, a second light-emitting element, a second heat dissipation element, and a second heat conducting unit is provided. The first light-emitting element is capable of emitting a first color light beam. The first heat conducting unit is connected between the first light-emitting element and the first heat dissipation element. The second light-emitting element is capable of emitting a second color light beam. The second heat conducting unit is connected between the second light-emitting element and the second heat dissipation element. The first heat dissipation element and the second heat dissipation element are disposed separately. The first heat conducting unit and the second heat conducting unit are also disposed separately. The heat dissipation characteristic of the illumination module is better. A projection apparatus having the illumination module is also provided.