A display medium comprises a substrate having first and second surfaces, and a reflective layer on at least one of the first and second surfaces. The substrate includes a polarized light separation layer capable of reflecting circularly polarized light having one rotation direction DA and transmitting circularly polarized light having an opposite rotation direction to the rotation direction DA therethrough. The reflective layer contains first and second reflective pigments capable of reflecting circularly polarized light having rotation directions DBR and DBL, respectively, and transmitting circularly polarized light having opposite rotation directions to the rotation directions DBR and DBL, respectively, therethrough. The rotation directions DBR and DBL of the circularly polarized light that the first and second reflective pigments, respectively, can reflect are opposite to each other. Hues of the circularly polarized light that the first and second reflective pigments can reflect are differ from each other.