A projection optical apparatus capable of providing high image quality and having a reduced size is disclosed. The projection optical apparatus includes a light valve and a projection optical system including a first optical system having a transmissive-refractive element and a second optical system having a reflective-refractive element. An image formed on the light valve is projected by the projection optical system on a projection surface. The optical axis in the first optical system is folded both vertically and horizontally. The first group of the first optical system is contained in a space (dead space) whose lower limit is defined by a lower edge of the second optical system, thereby reducing the depth of the apparatus.