A light valve module and a projection device using thereof are provided. The projection device includes a chassis, a light source, a projection lens, the light valve module and a fastener assembly. The light valve module is configured within a cavity of the chassis by the fastener assembly and disposed on a transmission path of a light beam so as to convert the light beam to an image light beam. The light valve module includes a field lens, a light valve component and an elastic frame. First and second surfaces of the elastic frame respectively contact the field lens and the light valve component. A recess of the elastic frame is located on one of the first surface and the second surface. A pressed portion of the elastic frame is deformed towards the recess when the field lens and the light valve component press the elastic frame.