A reflective substrate (20) is provided, in which an electrode (19) made of a material having an optical reflecting function is provided above an insulating base substrate (11) and an upper surface of the electrode (19) has a continuous wave shape without any flat portions. A method for manufacturing the reflective substrate includes the steps of: forming a plurality of convex portions (14a, 14b) with two or more different heights in a region where the electrode (19) is provided; forming a polymer resin film (15), which has an upper surface in a continuous wave shape without any flat portions, on the substrate (11) with the convex portions (14a, 14b); and forming the electrode (19) made of a material having an optical reflecting function on the polymer resin film (15) so that the electrode (19) has a continuous wave shape. A liquid crystal display device using the reflective substrate (20) is provided, which includes: a reflective substrate (20) in which an electrode (19) made of a material having an optical reflecting function is provided on an insulating base substrate (11), and an upper surface of the electrode (19) has a continuous wave shape; a second substrate (30) provided opposing the reflective substrate (20); and a liquid crystal layer (35) sealed between the reflective substrate (20) and the second substrate (30).