The polarized light illuminator of this invention includes: a light source; a first fly's eye lens and a second fly's eye lens disposed in this order from the light source; a polarization separation element disposed between the light source and the second fly's eye lens for separating unpolarized light into a first polarized light component and a second polarized light component having polarization directions perpendicular to each other, to output the first polarized light component and the second polarized light component in different directions from each other; and a polarization conversion element disposed near the second fly's eye lens for converting the first polarized light component and the second polarized light component output from the polarization separation element into unidirectionally polarized light, wherein the polarization separation element has a first flat plate and a second flat plate, the first flat plate having a polarization separation surface for reflecting the first polarized light component and transmitting the second polarized light component, while the second flat plate having a reflection surface for reflecting the second polarized light component which has passed through the first flat plate, the polarization separation surface and the reflection surface being disposed at different angles from each other with respect to the optical axis of the light source.