A reflective liquid crystal display element including a liquid crystal cell filling between an upper transparent substrate and lower substrate with liquid crystal, a polarizing film disposed at the upper transparent substrate side of the liquid crystal cell, a birefringent film layer disposed between the polarizing film and liquid crystal, cell and light reflecting means disposed at the lower substrate side of the liquid crystal cell. The display element further includes an undulated layer, which is not formed in the connection terminal between the lower substrate side of the liquid crystal cell and the external circuit board. Preferably, the sectional shape of the transparent electrode in the connection terminal between the display area and external circuit is formed in three stair steps.