An optical device and an image projection apparatus including the same are disclosed. The optical device includes a laser diode for outputting a laser light having a predetermined wavelength, a polarization separator for transmitting a first polarized light of the laser light and reflecting a second polarized light of the laser light, a wheel including a wavelength conversion unit for converting a wavelength of the second polarized light of the laser light reflected by the polarization separator such that the second polarized light of the laser light corresponds to one selected from among a blue light, a green light, and a red light and a transmission unit for transmitting the other lights, a polarization converter for converting the light transmitted through the wheel into the first polarized light and outputting the converted first polarized light to the wheel, and an optical output unit for outputting the first polarized light from the polarization converter and the light converted in wavelength and reflected by the wheel. Consequently, it is possible to provide a compact optical device that is capable of achieving highly efficient light output.