A lighting device (100) and a projection device, comprising a light source for generating a blue excitation light (110), a base board (130), and a wavelength conversion material layer (140) covered on the base board (130). The wavelength conversion material layer (140) absorbs a part of the blue excitation light and emits an excited light. The color coordinate of the excited light is within the pre-configured color area, so that a mixed light combined by the excited light and the remaining blue excitation light not absorbed by the wavelength conversion material layer (140) exits the wavelength conversion material layer (140). The color coordinate of the mixed light is closer to the pre-set blue light color coordinate than the color coordinate of the blue excitation light.