The present invention relates to a vertically aligned LCD (VA-LCD) employing a bi-axial retardation compensation film, in which an in-plain refractive index (nx, ny) and a thickness refractive index (nz) of the film is nx>ny>nz. The film has a reversed wavelength dispersion in which retardation is increased in proportion to the increase of a wavelength in the range of visible rays and has a normal wavelength dispersion in which an absolute value of the thickness retardation is decreased in proportion to the increase of a wavelength in the range of visible rays. The VA-LCD cell having a retardation compensation characteristic is comprised by arranging a bi-axial retardation compensation film between the vertically aligned panel and a upper and lower polarizing plate. The VA-LCD of the present invention improves contrast characteristics on a front surface and at a tilt angle and minimizes coloring in a black state according to the tilt angle.