A light shielding apparatus that may transmit or shield light by using a plurality of PDLC layers, a method of fabricating the light shielding apparatus, and a transparent display device including the light shielding apparatus are discussed. The light shielding apparatus can include first and second substrates facing each other; a first electrode on the first substrate; a second electrode on the second substrate; and first and second polymer dispersed liquid crystal layers between the first electrode and the second electrode, wherein the first polymer dispersed liquid crystal layer includes first droplets having first liquid crystals, and the second polymer dispersed liquid crystal layer includes second droplets having second liquid crystals and first dichroic dyes.