An active matrix liquid crystal display panel by which a good display characteristic can be obtained without suffering from gradation reversal over a wide visibility angle range. A liquid crystal layer 4 is formed such that the thickness thereof varies in accordance with transmission wavelengths of color layers 6, 7 and 8 so that a very good display which does not exhibit any coloring in whichever direction it is viewed may be obtained. An active matrix substrate A includes a plurality of opposing electrodes 2, a plurality of pixel electrodes 3 parallel to the opposing electrodes 2, a thin film transistor, and an orientation film 23 all formed on a glass substrate 10. A color filter substrate C includes an orientation film 56 provided on one surface of another glass substrate 10 and an optical compensation layer 35 provided on the other surface of the glass substrate 10 and formed from a plastic film. The two substrates are disposed such that the orientation films thereof oppose each other, and polarization plates 34 and 5 are disposed on the outer sides of the two substrates, and a liquid crystal layer 4 having a positive refractive index anisotropy is provided between the orientation films 23. The optical compensation layer 35 has a negative one axial refractive index anisotropy and can cancel a retardation produced in the liquid crystal layer 4 thereby to suppress white floating of a black display portion.