A display medium comprising: a multilayered substrate including a polarized light separation layer and a phase difference layer; and a first reflective layer provided on a surface of the multilayered substrate on a side with the polarized light separation layer, wherein: the polarized light separation layer can reflect circularly polarized light which has one rotation direction DA, and can transmit circularly polarized light which has an opposite rotation direction to the rotation direction DA; the first reflective layer can reflect circularly polarized light which has one rotation direction DB1, and can transmit circularly polarized light which has an opposite rotation direction to the rotation direction DB1; and the rotation direction DA of the circularly polarized light that the polarized light separation layer can reflect and the rotation direction DB1 of the circularly polarized light that the first reflective layer can reflect are the same as each other.