In a polarization conversion element including a plurality of light transmitting substrates and an optical element that includes polarization splitting films and reflective films that are alternately disposed between the light transmitting substrates, and a laminated wave plate that is arranged on the light outgoing face of the optical element and rotates the polarization plane of light emitted from the optical element by θ, a laminated wave plate is acquired by stacking a first wave plate of a phase difference Γ1 for light of a wavelength λ and a second wave plate of a phase difference of Γ2 such that the optical axes thereof intersect each other, the relationship is “|Γ1−Γ2|=180 (degrees), and the azimuth of the optical axis of the first wave plate and the azimuth of the optical axis of the second wave plate are perpendicular to each other.