With the continuous development of digital display technology, display methods have also changed. Pepper’s ghost images that adopt modern display methods require the light environment of the exhibition space not only to ensure the effect but also ensure better visual comfort. In order to explore the influence of the lighting environment on the display effect based on Pepper’s ghost images, a virtual imaging display space is set up to analyze the factors and trends affecting the imaging effect, in which 12 sets of LED lighting conditions with different illuminances and color temperatures are generated. 25 observers are selected to conduct a psychophysical experiment. The experiment shows that color temperature has no significant effect on the evaluation of color authenticity, detail expressiveness and stereoscopic expressiveness for Pepper’s ghost images; illumination has no strong effect on the evaluation of the color authenticity of Pepper’s ghost images, but has a significant effect on their detail expressiveness and stereoscopic expressiveness. Under the lighting environment where the color temperature is 3500 K and the illumination is 10 lx, the detailed expressiveness and stereoscopic expressiveness of the display effect are relatively high and the visual comfort of 2500 K and 10 lx is better.