A liquid crystal device includes a pair of substrates that face each other, a liquid crystal layer that is interposed between the pair of substrates, electrodes that are formed on opposing surfaces of the pair of substrates so as form a plurality of subpixel regions, in each of which a reflective display region having a light-reflective film reflecting light and a transmissive display region transmitting light are provided, and an insulating layer that is formed between one of the pair of substrates and the liquid crystal layer such that a thickness of the liquid crystal layer in the reflective display region is smaller than a thickness of the liquid crystal layer in the transmissive display region. The insulating layer is formed to have a first film thickness in the reflective display region, and is provided between the transmissive display region of a predetermined subpixel region and the transmissive display region of a subpixel region adjacent to the predetermined subpixel region. A portion of the insulating layer is formed to have a film thickness smaller than the first film thickness between the transmissive display region of the predetermined subpixel region and the transmissive display region of the subpixel region adjacent to the predetermined subpixel region.