A two-panel type projection system includes a polarization light source to irradiate a polarized white light, a color selector to sequentially transmit two light components every predetermined time among a plurality of light components having different wavelengths of the white light, a color path separator to separate and output paths of the two light components outputted from the color selector, a first modulating and outputting unit to receive a first light component among the two light components outputted from the color path separator to modulate and output the received first light component depending on its corresponding image signal, a second modulating and outputting unit to receive a second light component among the two light components outputted from the color path selector to modulate the received second light component depending on its corresponding image signal and output the modulated second light component in parallel with the first light component, and a projection lens to magnify and project the light components outputted from the first modulating and outputting unit and the second modulating and outputting unit.