A projection apparatus is disclosed. The projection apparatus includes a light source module, a first light splitting element, a first light valve unit, a first light modulator, a second light modulator and a light consolidating element. A light beam is provided by the light source module, and is split into a first and a second polarized light beam by the first light splitting element. In different time sequences, the first and the second polarized light beams are formed into a first, a second, a third and a fourth image light by the first light valve unit. Then, these image lights are transformed into viewing angle images by the first and the second light modulators. Then, via the light consolidating element, the first, the second, the third and the fourth view angle images are projected to a viewer and a stereoscopic image is formed.