A light source device is provided with a blue laser emitting element, a red laser emitting element, a light combining element, a diffusely reflecting element, a phosphor, a polarization splitting/combining element having a polarization split function, and a first wave plate. The polarization splitting/combining element guides a blue first polarization component obtained by performing polarization split on the light from the blue laser emitting element, and the light from the red laser emitting element to the diffusely reflecting element, and guides a blue second polarization component obtained by performing polarization split on the light from the blue laser emitting element to the phosphor. Then, the polarization splitting/combining element emits red diffused light, blue diffused light, a red polarization split component, and a principal fluorescence component obtained by removing the first red fluorescence component from fluorescence in one direction to thereby generate illumination light.