Micro-shutter device applicable to display devices including a flexible display device and method of manufacturing same are provided. Micro-shutter device includes membrane. Frame including receiving hole in its center portion is bonded to membrane. Transparent substrate is bonded to frame to encapsulate optical fluid received in receiving hole. Actuator varies refractive power produced by change in curvature of fluid lens formed in the center portion of the receiving hole due to bending of a periphery of the fluid lens. A reflector is disposed to correspond to the fluid lens and be spaced apart from the membrane, such that light intensity transferred to a user is adjusted depending on the refractive power produced by a change in curvature of the fluid lens. Therefore, the device has improved optical efficiency compared to using liquid crystal and a polarizing film, and can have a flexible structure for application to a flexible display device.