A projection screen includes a reflection layer, a light absorbing structure, a plurality of light diffusion layers, and a lens structure. The light absorbing structure is disposed on the reflection layer and has a plurality of apertures. A part of the reflection layer is exposed via the apertures. The light diffusion layers have a first index of refraction. Each of the light diffusion layer is disposed in the corresponding aperture and contacts the corresponding reflection layer exposed via the corresponding aperture. The lens structure is disposed on the light diffusion layers and the light absorbing structure. A light incidence side of the lens structure includes a plurality of convex lenses. The convex lenses are respectively corresponding with the light diffusion layers. The lens structure has a second index of refraction, and the second index of refraction is smaller than the first index of refraction.