To provide a photocurable composition having satisfactory interlayer conductivity in a black layer of a black and white two-layer bus electrode without spoiling satisfactory blackness for enhancing the contrast of a screen, and capable of ensuring satifactory insulation between display electrodes in a black patterned layer. The photocurable composition comprises two kinds of black particles (A) and (B), an organic binder (C), a photopolymerizable monomer (D) and a photopolymerization initiator (E), wherein the black particles (A) and (B) have a relationship of volume resistivity represented by (A)>(B) and a relationship of average particle diameter represented by (A)<(B).