There is provided a display element capable of efficiently emitting generated light externally and a method of manufacturing the display element, without damaging an organic electroluminescent layer. First, a transparent electrode protection material (11) is deposited on a first holding substrate (10); then organic electroluminescent light-emitting elements (12, 13, 14) are manufactured thereon; and then after sealing and holding with a sealing material (15) and a second holding substrate (16), the first holding substrate (10) and a transparent electrode protection material (11) are removed by etching or the like. According to the present invention, the removal of the first holding substrate (10) enables improvement of the emission rate generated in the electroluminescent layer (13), and improvement of brightness and contrast in the display element.