An image projection apparatus is disclosed which projects an image having a good color by reducing the influence of a lateral electric field in a liquid crystal display element (LCD). The apparatus includes three LCDs, each including two opposite electrodes. As the voltage applied to a liquid crystal layer is increased, retardation provided for light in each color band is increased. A controller controls an electrode application voltage in the first LCD such that, in a white display state, a liquid crystal application voltage (LCAV) in the first LCD is lower than the LCAVs in the second and third LCDs, and such that, in a black display state, the LCAV in the first LCD is higher than the LCAVs in the second and third LCDs and has a value from 1% to 30% of the LCAV in the first LCD in the white display state.