The present invention prevents a frame-like luminance difference generated in a portion which surrounds a light transmissive region. In a pixel region formed on a substrate, a first pixel electrode formed of a light transmissive conductive layer is formed in one light transmissive region which is formed by partitioning the pixel region and a second pixel electrode formed of a non-light transmissive conductive film is formed on the other light reflective region. The first pixel electrode is positioned as a lower layer with respect to an insulation film. A hole is formed in the insulation film in a region corresponding to the light transmissive region so as to expose the first pixel electrode. The second pixel electrode is formed on a light reflective region of the insulation film. Light shielding is performed at a portion corresponding to a side wall surface of the hole formed in the insulation film.