The invention discloses an
augmented reality projection system, and head-mounted display equipment. The
augmented reality projection system comprises a display module, a
waveguide structure, and a diaphragm, wherein the display module is used for display imaging, and emits imaging beams for the display imaging; the imaging beams are emitted by the display module to the
waveguide structure, and areprovided with a non-
pupil dilation direction and a
pupil dilation direction when transmitted inside the
waveguide structure; the diaphragm is arranged on a light path from the display module to the waveguide structure, used to limit
exit pupil positions of the imaging beams in the non-
pupil dilation direction, and provided with a first opening size in the non-pupil dilation direction; and the first opening size can be adjusted in the non-pupil dilation direction so that the
exit pupil positions coincide with
eye relief positions. The
augmented reality projection system and the head-mounted display equipment provided by the invention have the advantages that field loss or an excessively large
exit pupil diameter in a one-dimensional pupil dilation waveguide
system can be effectively avoided, and high
imaging quality of the overall
system is guaranteed.