A display device includes a display panel and a light source providing light to the display panel. The display panel includes a first polarizing layer to which the light is incident, a first base layer disposed on the first polarizing layer, a first liquid crystal layer disposed on the first base layer and including a plurality of first nanocapsules, a second liquid crystal layer disposed on the first liquid crystal layer and including a plurality of second nanocapsules, a second polarizing layer disposed between the first liquid crystal layer and the second liquid crystal layer, a second base layer disposed on the second liquid crystal layer, and a third polarizing layer disposed on the second base layer. Each of the first and second liquid crystal layers controls a transmittance of the light based on an intensity of an electric field between pixel electrodes and a common electrode.