A display device includes a substrate, a pixel electrode formed on the substrate and allowing light to be transmitted therethrough, a micro-shutter electrode formed on the pixel electrode to be opened and closed, and a reflection preventing layer formed on an upper surface of the micro-shutter electrode. Because the reflection preventing layer is formed on the upper surface of the micro-shutter electrode to prevent light incident thereon from being reflected to be leaked out, the black color does not dim the display, thereby increasing the contrast ratio (CR), and sharpness is not degraded when displaying colors.