A projection-type display apparatus includes a light source; a color separating/synthesizing device arranged to divide light from the light source into three different color light rays; and three reflection-type display devices arranged to reflect the three different color light rays, respectively. The color separating/synthesizing device is further arranged to synthesize the three different color light rays respectively reflected by the three reflection display devices. The color separating/synthesizing device has transmittance of substantially 50% for each of a s-polarized light ray having a first wavelength and a p-polarized light ray having a second wavelength. A difference between the first wavelength of the s-polarized light ray and the second wavelength of the p-polarized light ray is equal to or less than 40 nm.