The invention discloses a lens module and a projection device. The lens module comprises a lens cone, a supporting part and a buffering part, wherein the supporting part is arranged on the lens cone in a sleeving mode and supports the lens cone, the buffering part is arranged between the lens cone and the supporting part, and the buffering part is provided with a main portion and multiple buffering portions. Each buffering portion is provided with a boss and a connecting portion, wherein the boss abuts against the lens cone, the connecting portion is connected with the main portion and the boss, and the connecting portion can deform. Hollow areas are form in the buffering part and correspond to the bosses, a gap is formed between the buffering part and the lens cone, and the gap and the hollow areas are used for providing a space for deformation of the buffering portions so that external impact can be buffered effectively, the situation that poor images are generated due to deviation of the light path of a lens can be avoided, and imaging quality can be guaranteed. Meanwhile, the buffering part abuts against the lens cone and deforms to counteract assembly tolerance, and the situation that the precision of the light path is affected due to deviation of the light path when local stress is too large is avoided.