A display may have display layers that form an array of pixels. The display layers may include a first layer that includes a light-blocking matrix and a second layer that overlaps the first layer. The first layer may include quantum dot elements formed in openings in the light-blocking matrix. The light-blocking matrix may be formed from a reflective material such as metal. The second layer may include color filter elements that overlap corresponding quantum dot elements in the first layer. Substrate layers may be used to support the first and second layers and to support thin-film transistor circuitry that is used in controlling light transmission through the array of pixels. The display layers may include a liquid crystal layer, polarizer layers, filter layers for reflecting red and green light and/or other light to enhance light recycling, and layers with angularly dependent transmission characteristics.