In a light modulating plate, a backlight assembly having the light modulating plate and a display device having the light modulating plate, the light modulating plate includes a light modulating layer and a light characteristics improving member. The light modulating layer includes a foam layer to modulate a light. The light characteristics improving member is integrally formed with the light modulating layer to improve optical characteristics of the light that has passed through the light modulating layer. Therefore, the backlight assembly is easily fabricated, and an image display quality is improved.