An exemplary embodiment of the present invention provides a liquid crystal display including: a first substrate and a second substrate which are opposite to each other, a liquid crystal layer which is interposed between the first substrate and the second substrate, a first polarizer which is disposed outside the first substrate and includes a reflective polarization film, a first compensation film which is disposed outside the second substrate and includes a biaxial film, and a second polarizer which is disposed outside the first compensation film, in which a thickness direction retardation value of the biaxial film is 300 nm to 380 nm.