A liquid crystal display according to exemplary embodiments of the present invention includes a first panel including a first lower substrate, a first lower electrode formed on the first lower substrate, a first upper substrate facing the first lower substrate, a first upper electrode formed on the first upper substrate, and a first cholesteric liquid crystal injected between the first lower electrode and the first upper electrode, wherein the first lower electrode includes carbon nanotubes. The liquid crystal display including the first lower electrode made of the carbon nanotubes without a light absorption layer provides a simple structure capable of realizing a black state.