A multicolor illumination device uses a blue or UV light source to excite wavelength conversion materials and a red light source as a direct illumination light. The lights from the two light sources are combined onto a moving wavelength conversion element. The moving wavelength conversion element includes multiple segments alternatingly disposed in the paths of the incident lights, including a first segment with no wavelength conversion material, and other segments which may carry blue, green and/or yellow wavelength conversion materials. A control system controls the on/off of the two light sources so that when the first segment is in the light path, the red light source is on and the blue/UV light source is off, and vice versa when the other segments are in the light path. Alternatively, dichroic filters may be fixedly provided on the segments of the wavelength conversion element to block the blue/UV or red light.