A color separation and polarization device is provided, which comprises a lens module, having a first frame including a polarization material received therein, and configured with a first light-entrance surface and a first light-emitting surface having a lens structure disposed thereon respectively, and a triangle-shaped optical structures, configured with a second light-entrance surface and a second light-emitting surface having triangle-shaped microstructures disposed thereon respectively. When a white light beam enters the first light-entrance surface, it is polarized by the polarization material, converged by the lens structure of the first light-emitting surface, splitting into a red beam, a green beam, and a blue beam by the triangle-shaped microstructures of the second light-entrance surface, and finally the three color beam are collimated by the triangle-shaped microstructures of the second light-emitting surface. By means of the device, light energy usage efficiency and light collimation and convergence are capable of being enhanced and improved.