A liquid crystal composition is described, which contains a two-ring compound having a large optical anisotropy and a negatively large dielectric anisotropy as a first component, and a two-ring compound having a negatively large dielectric anisotropy and a small viscosity as a second component, and may further contain at least one of a compound having a small viscosity as a third component, a compound having a negatively large dielectric anisotropy as a fourth component, and a compound having an especially negatively large dielectric anisotropy as a fifth component. An AM liquid crystal display device containing the liquid crystal composition is also described.