There is provided a method of manufacturing electronic paper, the method including: preparing a substrate having a plurality of accommodating holes in order to accommodate electronic paper display elements; injecting insulating liquid into the individual accommodating holes; increasing the height of partitions forming the accommodating holes by mounting a mask on the partitions, the mask providing through-holes having a size similar to that of the accommodating holes; putting the electronic paper display elements into the accommodating holes; removing extra electronic paper display elements in excess of a predetermined number thereof by a removal unit in order that the predetermined number of electronic paper display elements are put into the accommodating holes; and removing the mask mounted on the partitions after the extra electronic paper display elements are removed from the accommodating holes.