A display device includes: a first substrate; a second substrate facing the first substrate; a light-amount adjusting layer interposed between the first substrate and the second substrate; and a backlight unit disposed under the first substrate, wherein the second substrate includes a plurality of color conversion layers respectively disposed on a plurality of pixel regions, the color conversion layer includes a partition wall; and a phosphor disposed on areas defined by the partition wall, and the color conversion layer includes an air layer between the second substrate and the phosphor.