The present invention provides a light source apparatus and an image projection apparatus having the light source apparatus. The light source apparatus includes a lamp for emitting white illumination light, a color wheel for sequentially switching a color filter on which illumination light emitted from the lamp is incident, a wheel driving unit for controlling rotation of the color wheel, an LED light source unit for emitting at least one color of illumination light, an LED driving unit for controlling illumination light of the LED light source unit, an optical synthesis unit capable of optically synthesizing illumination light from the lamp and illumination light from the LED light source unit and emitting such synthesized illumination light, and a system controlling unit for controlling the wheel driving unit and the LED driving unit so that each illumination light synthesized can be the same in color.