A color separation/combination prism is disclosed which has an optical film arrangement capable of performing color separation, light analysis and color combination. The prism includes four prism members and at least five optical surfaces as outer surfaces thereof. Each of the prism members has at least three optical surfaces including two optical surfaces which intersect orthogonally with each other at a first side thereof. The four prism members are joined together such that the first sides of the prism members are adjacent to or contact each other. Joining portions of the four prism members are provided with wavelength-selective polarizing films.