A light source module and a projection apparatus are provided. The light source module includes a first light-emitting device, a wavelength conversion device, a second light-emitting device and a light combination device. The first light-emitting device emits an exciting beam. The wavelength conversion device is disposed on a transmission path of the exciting beam, and converts the exciting beam into a first color beam. The wavelength conversion device is suitable for moving, so that the exciting beam illuminates into different positions of the wavelength conversion device at different time. The second light-emitting device emits a second color beam. Colors of the first color beam and the second color beam are different. The light combination device is disposed on transmission paths of the first color beam and the second color beam, and combines the first color beam and the second color beam.