In this paper, we propose a projection display system based on the spectral color reproduction. It can change a printed color by synthesizing a projection image onto the print accurately. The projection image is determined from the subtraction of the reflected radiance between the actual print and target print. Using spectral information of image projector and printed color, we can estimate the projection image and match the color between the actual print and the target print accurately. We demonstrate the simulation and experiments to evaluate the effectiveness of the proposed system.