A projection-type display apparatus includes an illumination optical system (1) including a light source, a reflection-type light valve (2) having an image forming area on a to-be-illuminated surface illuminated by the illumination optical system (1), and a projection optical system (3) that projects an image formed on the image forming area of the reflection-type light valve (2). The projection optical system (1) is shiftable in a direction approximately perpendicular to a projection optical axis. An F-number of the projection optical system (3) is smaller than an F-number of the illumination optical system (1). Between the projection optical system (3) and the reflection-type light valve (2), an opening defining member (12) that defines an incident side opening of the projection optical system (3) is provided, which is not moved by the shifting of the projection optical system (3).