A anti-counterfeiting medium includes a support substrate, an OVD forming layer, and a latent image layer in this order. The latent image layer has plural regions with optical axes of a birefringent material aligned in directions different from each other. The OVD forming layer includes an uneven-structure-forming layer is made up of a first region and a second region, and a reflecting layer. The first region is a region made up of a flat part and plural convexities or concavities. The second region is configured by a flat part. Each of the plural convexities and concavities has a 0.3 to 5 μm long side dimension and short side dimension and height or depth of 0.1 to 0.5 μm or less.