An illuminating apparatus providing polarized color light and a display apparatus including the illuminating apparatus are provided. The illuminating apparatus includes a light source; a polarization light guide plate (LGP) unit which converts a polarization direction of light emitted from the light source into linearly polarized light, and collimates the linearly polarized light; and a cholesteric liquid crystal color filter which disposed on an upper portion of the polarization LGP unit, and selectively reflects light according to a polarized status and a wavelength of the light.