A color separating/light guiding optics comprises two independent dichroic mirrors, reflection mirrors and correcting lenses. A horizontal plane region occupied by these optical components is entirely involved in a horizontal plane region occupied by a light modulating/color compositing/image projecting optics. A red beam is guided along a detoured optical path extending across a dead space below a projection lens. Although the optical path length of the red beam becomes longer than those of the blue beam and the green beam, the detoured optical path provides a sufficient space for installing the correcting lenses. The substantial optical path lengths of three primary color beams can be equalized with each other by the provision of these correcting lenses.