A display panel includes a first substrate and a second substrate facing the first substrate. The second substrate includes a first electrode and a second electrode spaced apart from each other. A cholesteric liquid crystal having a pitch shorter than a wavelength of a visible ray and a rotation axis substantially perpendicular to the first and second substrates is disposed between the first and second substrates. The display panel displays a grayscale image in response to an electric field generated between the first and second electrodes. A polymer is added to the cholesteric liquid crystal, and a concentration of the polymer is controlled by exposing the polymer to a light. The concentration of the polymer in an area adjacent to the first substrate may be higher than the concentration of the polymer in an area adjacent to the second substrate.