A reflective liquid crystal on silicon panel (reflective LCOS panel) for polarizing a light beam and converting the light beam into an image is provided. The reflective LCOS panel includes a silicon substrate, an opposite substrate, a liquid crystal layer and a polarizer. The silicon substrate has a pixel array thereon. The opposite substrate is disposed over the silicon substrate and has a transparent electrode thereon. The liquid crystal layer fills up the space between the pixel array of the silicon substrate and the transparent electrode of the opposite substrate. The polarizer is set up on the silicon substrate or the opposite substrate. As described above, the integration of the polarizer with the reflective LCOS panel inside a projection apparatus can effectively reduce the cost, volume and weight of the projection apparatus.