The present invention provides a projection screen capable of sharply displaying an image even under bright environmental light, of improving brightness distribution and viewing angle, and of providing high image visibility, and a projection system including such a projection screen. The projection screen includes: a polarized-light selective reflection layer that selectively reflects a specific polarized-light component; a substrate that supports the polarized-light selective reflection layer and a circular Fresnel lens provided on the observation side of the polarized-light selective reflection layer. The circular Fresnel lens controls the optical axis of right-handed circularly polarized light projected on the projection screen so that the light enters the polarized-light selective reflection layer nearly vertically to it regardless of the point and angle at which the light is incident on this layer.