An LCD projector has LCD panels, each including polarization plates one on the light incidence side and another on the light emitting side of each LCD panel. The LCD panel is provided with a highly transparent auxiliary polarization plate between the LCD panel and the polarization plate on the light emitting side. The LCD panel is further provided with an optically anisotropic transparent substrate for supporting the highly transparent auxiliary polarization plate. The transparent substrate is arranged such that one of its anisotropic optical axes is inclined at an angle not more than 0.5 degrees with respect to the face of the auxiliary polarization plate when the face is parallel to the direction of light propagation. This arrangement ensures longer lives of the polarization plates on the light emitting sides while suppressing color irregularity on a black screen and degradation of picture contrast of the LCD projector.