An electronic device may have a pixel array. A light source may illuminate the pixel array to produce image light. The image light may pass through a multi-element lens and may be coupled into a waveguide using an input coupler such as a prism. An output coupler such as a diffraction grating may couple the image light out of the waveguide and towards a user. The user may view the image light and may observe real-world objects through the waveguide. The waveguide may have locally modified portions that define an aperture stop at a distance from an exit surface of the multi-element lens. The multi-element lens may have first and second achromatic doublets and first and second singlets between the first and second achromatic doublets. The lens elements of the multi-element lens may include lens elements with aspheric surfaces.