An illumination device (10) is described for an observation device (100) having one, two or more observation beam paths (16, 17), each with at least one observation beam bundle, particularly for an operating microscope, the illumination device having at least one light source (11, 12) for producing at least one illumination beam path (14, 15) with at least one illumination beam bundle for illuminating an object to be observed, in particular, an eye to be observed, the illumination device (10) having at least one illumination optics unit, which has a collector (18, 22), and the at least one illumination beam path (14, 15) or the at least one illumination beam bundle running coaxially to an observation beam path (16, 17) or observation beam bundle. In order to create an illumination device that can be introduced with little structural complexity even in those cases where only a small structural space is available, it is provided according to the invention that light source (11, 12) lies in the front focal point of collector (18, 22) and is imaged on the fundus of the eye to be observed. In addition, a correspondingly improved observation device (100) is described.