An image display apparatus includes: a light source; a light modulator that modulates the light flux emitted from the light source, the light modulator including a liquid crystal panel in which liquid crystal molecules are sealed, the liquid crystal panel having a modulation area where an incident light flux is modulated, and a pair of polarizing elements disposed on opposite sides of the liquid crystal panel, on the light flux incident side and the light flux exiting side thereof; and a compensating element disposed between at least one of the pair of polarizing elements and the modulation area, the compensating element compensating an optical phase difference resulting from birefringence associated with the liquid crystal molecules, wherein the compensating element is sized to be smaller than the modulation area and disposed based on the viewing angle characteristics of the modulation area.