A projection-type video display apparatus has a polarizing beam splitter for matching light, which is outputted by a light source unit, to one of S polarizing light and P polarizing light, an optical characteristics switching element for electrically and periodically switching a wavelength band of light outputted by the polarizing beam splitter, a video display element, as a light valve element, for forming an optical image from light outputted by the light source unit, in accordance with a video signal, and a radiating unit for radiating a plurality of color light, which are sequentially outputted by the optical characteristics switching element, to the video display element, wherein light outputted by the video display element is incident on a projecting lens, and a light path from the light source unit to the projecting lens is U-shaped. Consequently, the projection-type video display apparatus becomes compact and has improved contrast.