This invention discloses a high-transparency display system based on photoluminescence, comprising: a light sourcesystem; an imaging system for generating an image; and a projection system for projecting the image onto a display panel. The display panel has a light-incident surface and a display surface. A second ray is positioned between the imaging system and the projection system, and a third ray is positioned between the projection system and the display panel. The angle between the second ray and the third ray is greater than 0° and less than 180°. The third ray is projected from the light-incident surface onto the display surface. The high-transparency display system of this invention has a simple and compact structure and a small size.