A color filer panel includes a first substrate, a light reflecting member, a color filter, and a light polarizing layer. The light reflecting member is formed on the first substrate. The light reflecting member reflects at least a portion of an external light. The color filter is formed on the light reflecting member. The light polarizing layer is formed over the color filter. Advantageously the time for manufacturing the color filter panel is reduced. Furthermore, a misalignment between the first substrate and the light reflecting member or between the first substrate and the light polarizing layer, which occurs when the light reflecting member or the light polarizing layer is formed in a plate type, is reduced to enhance productivity. Additionally, the light before and after being reflected by the light reflecting member has substantially the same color to enhance display quality.