The present invention provides a display medium including a pair of substrates; pixel electrodes disposed on one of the pair of substrates; a common electrode disposed on the other substrate of the pair of substrates; and a display layer, the common electrode includes two or more common electrode layers containing a first common electrode layer and a second common electrode layer which being disposed across a gap in a thickness direction, and electrical voltages thereof being controlled independently of each other, the first common electrode layer containing at least one electrode unit and at least one non-electrode area corresponding to a disposition of the pixel electrodes, and the second common electrode layer containing at least one second electrode unit, the at least one second electrode layer completely overlapping with at least the at least one non-electrode area of the first common electrode layer in a thickness direction.