A projection display includes a light source, a liquid crystal panel encapsulating a vertical alignment mode liquid crystal between a first substrate and a second substrate which are opposite to each other, the liquid crystal panel modulating light emitted from the light source, a longer axis of a molecule of the vertical alignment mode liquid crystal tilted from the normal direction of the first substrate, a projection lens projecting light modulated by the liquid crystal panel, a first polarization plate placed on an optical path from the light source to the liquid crystal panel, a second polarization plate placed on an optical path from the liquid crystal panel to the projection lens, an optical-compensation plate placed between the liquid crystal panel and the second polarization plate, and the optical-compensation plate including a plate-like base and a retardation plate formed on a surface of the plate-like base.