Light source is the core component of projector display system. Laser light source has the characteristics of high brightness and long life, but it has the problems of high cost and speckle phenomenon. Combining laser with excited fluorescence as projector light source can effectively solve the problems. In this paper, the YAG phosphor and laser unit are combined into a hybrid light source. The influence of phosphor concentration and operation temperature on the luminous characteristics of the hybrid light source was investigated. The experimental results show that the brightness and chromaticity of the hybrid light source increase with the increase of the phosphor concentration, and the conversion efficiency of phosphor decreases with the increase of working temperature. The research results verify the feasibility of the laser-fluorescence hybrid light source for the projector, which not only reduces the manufacturing cost of the whole machine and solves the speckle problem of the laser light source, but also reduces the precision requirements of the optical components and improves the success rate of mass production.