A viewing angle adjusting film includes a polarizing film having a transmission axis in a first direction and an optical film disposed on the polarizing film and including first areas having isotropy or anisotropy and second areas having anisotropy, the first areas and the second areas being alternately disposed. A refractive index of the second areas in the first direction is higher than a refractive index of the first areas in the first direction. Therefore, the optical film including first areas and second areas having different refractive indices is disposed on a polarizing film to thereby form a viewing angle adjusting film, so that diffusion and collection of light can be easily achieved.