A light source module includes a light source, a wavelength conversion module, and a light combining unit. The light source provides a beam. The wavelength conversion module converts part of the beam into a wavelength conversion beam and reflects part of the beam. The light combining unit is disposed between the light source and the wavelength conversion module and located on transmission paths of the beam and the wavelength conversion beam, and includes a splitting portion and a wavelength reflecting portion. The beam is transmitted to the wavelength conversion module after passing through the splitting portion. The splitting portion reflects the wavelength conversion beam. Part of the beam is transmitted to the wavelength reflecting portion after reflected by the wavelength conversion module. The wavelength reflecting portion reflects part of the beam to combine the beam and the wavelength conversion beam into an illumination beam. A projection apparatus is also provided.