Provided are a backlight unit capable of improving light efficiency and acquiring a high-luminance image by implementing a color image without using a color filter having the large light loss and a liquid crystal display including the same. The backlight unit includes: a white light source generating white light, a light guide plate into which the white light is inputted, a blue phosphor sheet formed above the light guide plate and transmitting the white light, and a multi-color phosphor sheet formed on the same plane above the blue phosphor sheet and including a plurality of red phosphor layers, green phosphor layers, and transparent layers which transmit the light transmitted through the blue phosphor sheet.