A projection screen including a polarized-light selective reflection layer having a cholesteric liquid crystalline structure that causes selective diffuse-reflection of a specific polarize-light component, and a substrate for supporting the polarized-light selective reflection layer. The polarized-light selective reflection layer includes three partial selective reflection layers that are layered one over another, and each partial selective reflection layer has a cholesteric liquid crystalline structure that causes selective diffuse-reflection of a specific polarized light component. In the polarized-light selective reflection layer, three partial selective reflection layers that reflect light in the green (G) color wave range, red (R) color wave range, and blue (B) color wave range are layered in this order, the firstly-mentioned partial selective reflection layer being on the observation side. Namely, the partial selective reflection layer for selectively reflecting light in the green (G) color wave range is arranged as the outermost layer on the observation side.