Provided are an illumination optical system allowing light beams to be condensed and enter an illumination area at different angles from each other, color separating elements that separate colors of the light beams from the illumination optical systems, liquid crystal light valves that modulate the color lights to form image light for the right and the left eyes, a color combining element that combines the color light beams, a wavelength-selective polarization rotating element that rotates the polarization direction of a predetermined color light so as to align the polarization direction with that of a light beam of another color, and a projection lens that magnifies and projects images. The liquid crystal light valves are provided with an incident side microlens array that causes the light beams for the right and the left eyes to pass respectively through the right and the left eye image pixels, and an exit side microlens array that condenses the light that has passed through the pixels. The projection lens is provided with a polarized light separating element that causes the polarization directions of image light for the right and the left eyes to be orthogonal to each other. Using one projection-type display apparatus, a highly efficient stereoscopic image can be displayed with little flicker and cross talk of image light for the right eye and for the left eye.