A display device and a method of controlling the same realizes a virtual reality display and an augmented reality display. The display device includes a transparent display panel, an imaging device disposed at a light-exiting side of the transparent display panel, and a light adjusting cover disposed at a side of the transparent display panel away from the light-exiting side. The transparent display panel is disposed within a focal length of the imaging device. The imaging device is configured to image pictures displayed on the transparent display panel at a side thereof away from the imaging device. The light adjusting cover is switchable between a light-transmitting state and a light-shaded state, and is capable of covering a viewing field of human eyes. The display device can perform the virtual reality display or the augmented reality display.