Disclosed are a projection display device and a white balance adjustment method. The projection display device includes a processor configured for: driving a primary color light source to emit primary color light, and obtaining a first color coordinate value of white light generated by mixing the primary color light; and when deviation between the first color coordinate value and a standard color coordinate value is greater than a deviation threshold value, adjusting light emission parameters of the primary color light source based on the standard color coordinate value, so that deviation between a color coordinate value of white light generated by mixing primary color light emitted by the adjusted primary color light source and the standard color coordinate value is less than or equal to the deviation threshold value, where the standard color coordinate value is a white light color coordinate that the projection display device is expected to achieve.