Abstract: In a projector having liquid crystal panels as light modulators, the liquid crystal panels are independently used for white-light modulation and colored-light modulation, respectively, so that high luminance and high resolution are compatibly attained. The projector has a liquid crystal panel which is driven by color signals, and which subjects light to colored-light modulation, and another liquid crystal panel which is driven by a luminance signal wherein a portion lower than a predetermined level is compressed by a compressing circuit, and which subjects light to white-light modulation. Modulated light outputted from the two liquid crystal panels are synthesized with each other in a polarized beam splitter, and the image of the synthesized light is formed on a screen by a lens. It is preferable that the color signal and the white signal which will be inputted to the liquid crystal panels are obtained from a composite video signal of the NTSC system.