An illumination apparatus includes a plate-like separation optical element having a dichroic surface and a PBS surface. The dichroic surface reflects green component light and transmits yellow component light. The PBS surface transmits P polarization component light and reflects S polarization component light. The separation optical element combines red component light entering from a certain direction and transmitted through the dichroic surface, with yellow component light entering from a different direction and reflected by the PBS surface, and leads a combined light towards a red liquid crystal panel. The separation optical element combines green component light entering from the certain direction and reflected by the dichroic surface, with yellow component light entering from the different direction and transmitted through the PBS surface, and leads a combined light towards a green liquid crystal panel.