A portable multispectral imaging and projecting device includes a liquid crystal light valve configured to modulate, in response to an image generated by a processor, intensity of light passing through the liquid crystal light valve. The light is emitted by a light source module and the liquid crystal valve projects the modulated light and the image to a target area. The light source module includes a plurality of visible light sources and at least one infrared light source. The image is generated in response to an infrared light image and a visible light image, or the infrared light image, wherein the images are acquired by a photoelectric sensor of an image acquiring module.