A display device includes a substrate including a module-corresponding area including a sub-pixel area, and a transparent area, a display area surrounding a part of the module-corresponding area and including a sub-pixel area, and a pixel circuit area at one side of the display area, a signal wire in the module-corresponding area, and extending from the module-corresponding area to the pixel circuit area, an insulating layer on the signal wire, a lower electrode connected to the signal wire through a contact hole in the insulating layer, the lower electrode including a low reflection layer in the sub-pixel area, and on the insulating layer, a high refraction layer on the low reflection layer, a first metal layer on the high refraction layer, and a second metal layer on the first metal layer, a light emitting layer on the lower electrode, an upper electrode on the light emitting layer, and a functional module in the module-corresponding area on a bottom surface of the substrate.