A projection type optical display system includes: a light source; at least one liquid crystal panel for modulating light that has been emitted from the light source; and a projection optical system for projecting the light that has gone out of the at least one liquid crystal panel. The liquid crystal panel includes: a liquid crystal layer; a first polarizer and a second polarizer, which are provided on the light incoming side and the light outgoing side of the liquid crystal layer, respectively; a first uniaxial optical compensator, which is provided between the liquid crystal layer and the first polarizer; a first biaxial optical compensator, which is provided between the first uniaxial optical compensator and the first polarizer; and a second biaxial optical compensator, which is provided between the liquid crystal layer and the second polarizer.