An inspection apparatus for a display substrate includes a reflection plate, a liquid crystal layer, an electrode layer, a ¼ wavelength retardation plate and a polarization plate. The liquid crystal layer is disposed on the reflection plate and includes liquid crystal molecules which have a retardation value of about 140 nanometers to about 200 nanometers and are operated in a twisted nematic mode. The electrode layer is disposed on the liquid crystal layer and generates an electric field in cooperation with an electrode of the display substrate. The ¼ wavelength retardation plate is disposed on the electrode layer and the polarization plate is disposed on the ¼ wavelength retardation plate.