A light source module, comprising: - an exciting light source unit, providing an exciting light beam; - a wavelength conversion module; comprising: - at least one wavelength conversion reflecting portion (121; 123); and - a wavelength conversion transmitting portion wherein the least one wavelength conversion reflecting portion (121; 123) and the wavelength conversion transmitting portion alternately cut into a transmission path of the exciting light beam, and when the wavelength conversion transmitting portion cuts into the transmission path of the exciting light beam, a part of the exciting light beam passing through the wavelength conversion transmitting portion is a first color light beam (BL'), and another part of the exciting light beam is converted into a second color light beam by the wavelength conversion transmitting portion, and when the at least one wavelength conversion reflecting portion (121; 123) cuts into the transmission path of the exciting light beam, the at least one wavelength conversion reflecting portion (121; 123) converts and reflects the exciting beam into at least one converted reflection light beam (R; G), and the second color light beam, the converted reflection light beam (R; G) and the exciting light beam have different colors from one another; and - a light combining unit, wherein the light combining unit is disposed on transmission paths of the first color light beam (BL'), the second color light beam and the converted reflection light beam (R; G) and combines the first color light beam (BL'), the second color light beam and the converted reflection light beam (R; G) as an illumination light beam, characterized in that the light combining unit is further disposed on the transmission path of the exciting light beam and located between the exciting light source unit and the wavelength conversion module, and in that the second color beam comprises a first sub light beam and a second sub light beam, wherein the first sub light beam is transmitted to the light combining unit along a first direction, the second sub light beam is transmitted along a second direction, and the first direction is opposite to the second direction, and wherein the light combining unit combines the first color light beam (BL'), the first sub light beam and the second sub light beam. - an exciting light source unit, providing an exciting light beam; - a wavelength conversion module; comprising: - at least one wavelength conversion reflecting portion (121; 123); and - a wavelength conversion transmitting portion wherein the least one wavelength conversion reflecting portion (121; 123) and the wavelength conversion transmitting portion alternately cut into a transmission path of the exciting light beam, and when the wavelength conversion transmitting portion cuts into the transmission path of the exciting light beam, a part of the exciting light beam passing through the wavelength conversion transmitting portion is a first color light beam (BL'), and another part of the exciting light beam is converted into a second color light beam by the wavelength conversion transmitting portion, and when the at least one wavelength conversion reflecting portion (121; 123) cuts into the transmission path of the exciting light beam, the at least one wavelength conversion reflecting portion (121; 123) converts and reflects the exciting beam into at least one converted reflection light beam (R; G), and the second color light beam, the converted reflection light beam (R; G) and the exciting light beam have different colors from one another; and - a light combining unit, wherein the light combining unit is disposed on transmission paths of the first color light beam (BL'), the second color light beam and the converted reflection light beam (R; G) and combines the first color light beam (BL'), the second color light beam and the converted reflection light beam (R; G) as an illumination light beam, characterized in that the light combining unit is further disposed on the transmission path of the exciting light beam and located between the exciting light source unit and the wavelength conversion module, and in that the second color beam comprises a first sub light beam and a second sub light beam, wherein the first sub light beam is transmitted to the light combining unit along a first direction, the second sub light beam is transmitted along a second direction, and the first direction is opposite to the second direction, and wherein the light combining unit combines the first color light beam (BL'), the first sub light beam and the second sub light beam.