A three-panel projection display apparatus displays a color image by separating light emitted from a light source into lights of three primaries, i.e., red, green, and blue, with dichroic mirrors, by irradiating liquid crystal light valves with the respective separated lights, by combining the lights modulated by the respective liquid crystal light valves with a cross dichroic prism, and by projecting the combined light through a single projection lens onto a screen. The lengths of the light paths for the separated blue and green lights are equal to each other. The distance between a condenser lens and the liquid crystal light valve in the blue light path is shorter than the distance between a condenser lens and the liquid crystal light valve in the green light path.