The present invention provides a transflective LCD device that has a common contrast ratio in both the transmissive mode and the reflective mode. It also discloses a transflective LCD device that has an equal luminance in both the transmissive mode and the reflective mode. The transflective LCD device includes first and second substrates; a transparent conductive electrode on the first substrate; a lower passivation layer on the transparent conductive electrode; a reflective electrode formed on the lower passivation layer, the reflective electrode including a transmitting hole; a first QWP (quarter wave plate) under the first substrate; a lower polarizer formed under the first QWP; a second QWP on the second substrate; an upper polarizer formed on the second QWVP; an upper passivation layer under the second substrate; a transparent common electrode under the upper passivation layer; a liquid crystal layer interposed between the first and second substrates; and a backlight device arranged below the second substrate.