An image projection apparatus guides light from a light source to a first and a second image modulation elements and projects light modulated by the first and second image modulation elements towards an image plane. A first color separation element reflects first linearly polarized light of a first color light so as to guide the first linearly polarized light to the first image modulation element side, transmits second linearly polarized light of the first color light so as to guide the second linearly polarized light to the second image modulation element side, and reflects or transmits both of the first and second linearly polarized light of a second color light so as to guide both of the first and second linearly polarized light of the second color light to the second image modulation element side.