A display device includes a first substrate and a second substrate opposing each other, a reflecting layer, which reflects light incident on the reflecting layer, on the first substrate, a polarizing layer which is disposed on the second substrate and includes a polarizing portion that polarizes light incident on the polarizing portion and a reflecting portion that reflects light incident on the reflecting portion, a liquid crystal layer between the reflecting layer and the polarizing layer, and a retardation layer between the liquid crystal layer and the polarizing layer.