The present invention is directed to a light controlling sheet in use for optical indicators which comprises louver elements including an arbitrary pattern of walls which are parallel to each other and so opaque as to absorb incident light; transparent layers for permitting the incident light to pass therethrough and light reflection layers for reflecting the incident light. The transparent layers and the light reflection layers are mutually interposed between the walls of the louver element. The oblique light from the light source strikes the side surfaces of the walls, while the substantially parallel light from the light source passes through the transparent layers toward the observer. The extraneous light is reflected at the front surface of the light reflection layers so that the light controlling sheet is bright and stands out clearly.