The present invention relates to a color separating-combining optical system of a configuration having a separating optical system which separates light from a light source into a plurality of color spectrums; a combining optical system which combines light spectrums from a plurality of image display elements illuminated by the respective color spectrums; a filter which transmits a color spectrum of a specific wavelength band out of the plurality of color spectrums separated by the separating optical system; and a plurality of polarizing elements each disposed on the light entrance side of the plurality of image display elements, the polarizing elements being adapted to analyze the corresponding color spectrums incident to the respective image display elements. The color separating-combining optical system is further characterized in that the filter is placed apart from the polarizing element corresponding to the color spectrum transmitted by the filter.