A semi-transmissive reflective liquid crystal device includes a first substrate, a second substrate disposed opposite to the first substrate, a liquid crystal layer disposed between the first substrate and the second substrate, a plurality of sub-pixel regions at which reflective display and transmissive display are performed, each of the sub-pixel regions being the smallest display unit, a first electrode and a second electrode disposed in each of the sub-pixel regions at the liquid crystal layer side of the first substrate for driving the liquid crystal layer by an electric field generated between the first electrode and the second electrode, and a reflective polarization layer disposed at the first substrate or the second substrate, the reflective polarization layer including a transmission axis and a reflection axis perpendicular to the transmission axis, for reflecting a portion of an incident light, which is a polarized light component parallel with the reflection axis, and transmitting the remainder of the incident light, which is a polarized light component parallel with the transmission axis.