The invention provides a projector a lighting optical system, a micro-lens array, a shutter array, a liquid crystal light valve, a projection optical system, and a modulation control portion. The modulation control portion can control the shutter array and the liquid crystal light valve in response to levels of gray-scale of colors specified by input image signals. When the gray-scale value is 1% or less, time-interval control is effected in such a manner that 1% of light is allowed to pass through by the shutter array, while a fine gray-scale expression is achieved by the liquid crystal light valve. Also, when the gray-scale value is 0%, light is shut out completely by the shutter. When configured in this manner, it is possible to improve the reproducibility at darker levels of gray-scale and the contrast characteristics. Accordingly, the display characteristics of an image from a liquid crystal projector can be improved.