An LCD projector of two-plate type is disclosed. The LCD projector comprises a light source, a color valve, a dichroic mirror, a polarization rotating device, a polarization beam splitter, a first reflective LCD panel, a second LCD panel and a projection lens. The first reflective LCD panel is used to modulate the green light with the green component of the image signal. The red light and the blue light are modulated in a time field sequential manner by the color valve and the second reflective LCD panel.