A projection display includes first and second light sources, a reflection/transmission member which partially transmits a first light beam from the first light source and partially reflects a second light beam from the second light source, and a light valve which converts the light beam from the reflection/transmission member into an optical image in accordance with a video signal. The reflection/transmission member has a reflective surface which is one side main surface, a light-shielding surface which is the other side main surface, and a plurality of openings extending through the both main surfaces. The first light beam is transmitted through the openings from the light-shielding surface to the reflective surface, and the second light beam is reflected off the reflective surface in the direction that the first light beam is transmitted.