An etchant composition is disclosed that provides selective etching of an indium oxide film or a sliver-containing metal layer. The etchant composition includes nitric acid, an organic acid, a sulfur compound, and a tin compound. The organic acid does not include the elements of sulfur and tin. The sulfur compound does not include the element of tin. The etchant composition may minimize the damage of a lower metal film and may exhibit excellent etching characteristics in terms of etching rate, bias, residue, precipitation, and etching uniformity.