The invention discloses a low-cost miniature projection system based on LEDs and lenses and aims to solve the problems that an existing projection system is low in light energy utilization rate, low in electro-optical conversion efficiency, complex in structure, many in components, large in size, high in cost, difficult in radiating, and the like. The low-cost miniature projection system comprises a light source, a shaping lens, a digital micro-mirror device, a projection lens and an absorption body and is characterized in that the system does not comprise a color wheel, a dichroscope and a light guide tube, and the three-color LEDs replace the role of the color wheel of a traditional projection system in a lighting system. The low-cost miniature projection system has the advantages that the optical structure of the projection system is simplified, the problems of color wheel optical loss, excessively high system temperature and the like of the traditional system are solved, optical energy utilization rate is increased, radiating difficulty is lowered, and the evenness of effective projection area is increased.