An image display apparatus is disclosed which is capable of obtaining a projected image having high contrast. The image display apparatus includes a luminous flux dividing system dividing light from a light source into a plurality of luminous fluxes and a condensing optical system leading the luminous fluxes emerged from the luminous flux dividing system to a reflective liquid crystal display element. The condensing optical system includes a condenser lens, a field lens making light from the condenser lens substantially telecentric, a polarization beam splitter, and a ¼ phase plate disposed between the polarization beam splitter and the liquid crystal display element. In addition, the phase difference φ that the ¼ phase plate gives to the ray made incident into the ¼ phase plate at an angle θ satisfies: π/2×0.8