A light source system includes an excitation light source emitting excitation light in at least first and second time intervals; a compensation light source emitting compensation light in at least third time intervals, the compensation light including laser light of at least one color; and a rotating color wheel, including at least first and second regions, the first region generating light of at least two different colors in time sequence under irradiation of the excitation light in the first and second time sequences, and the second region transmitting the compensation light in at least the third time sequence. The light of the at least two different colors includes at least one type of wide-spectrum fluorescence, and the laser compensates for the fluorescence or light split from the fluorescence. The compensation light is directly transmitted without being irradiated upon fluorescent powder, so scattering loss of the compensation light is reduced.