Disclosed are a projection lens that is faster than F1.95 and has a simple inner focus structure, a high optical performance, and a small size, and a projection display device.A projection lens includes a first lens group having a negative refractive power, a second lens group having a positive refractive power, and a third lens group having a positive refractive power arranged in this order from a magnification side. A fifth lens arranged closest to a reduction side in the first lens group is moved along an optical axis to adjust focus. The projection lens satisfies the following conditional expression: 0.2