A cholesteric liquid crystal reflective polarizing plate includes a cholesteric liquid crystal layer and a λ/4 compensation layer disposed on the cholesteric liquid crystal layer. The cholesteric liquid crystal layer includes a first left-handed circularly polarizing portion which extends in a first direction that include a left-handed cholesteric liquid crystal material, and a first right-handed circularly polarizing portion which extends in the first direction adjacent to first left-handed circularly polarizing portion and that includes a right-handed cholesteric liquid crystal material. The λ/4 compensation layer includes a first λ/4 compensation pattern which extends in the first direction and overlapping the first left-handed circularly polarizing portion, and a second λ/4 compensation pattern which extends in the first direction adjacent to the first λ/4 compensation pattern and overlaps the first right-handed circularly polarizing portion. The first λ/4 compensation pattern and the second λ/4 compensation pattern have slow axes perpendicular to each other.