To provide a light source unit which prevents a reduction of light emitting efficiency in a luminescent material layer and a projector, a projector includes a light source unit, a display device and a projector control device, the light source unit includes an excitation light shining device, a luminescent wheel on which a luminescent material layer is laid circumferentially which receives the excitation light to emit luminescent light of a predetermined wavelength band, two types of light source devices for emitting light rays of wavelength bands which are different from the predetermined wavelength band, and a light source control device for controlling individually the emission of light by the excitation light shining device and the two types of light source devices and for controlling the rotating speed of the luminescent wheel in accordance with a period of time when the excitation light shining device is turned on.