A liquid crystal display includes a liquid crystal panel, a polarizing plate on a surface of the liquid crystal panel and having a polarizing axis; and a compensation film between the liquid crystal panel and the polarizing plate, and having an optical axis at which light passes through the compensation film. When a surface of the compensation film is referred to as a x-y plane, a plane passing through an x-axis and vertical to the optical axis of the compensation film is referred to as an x-y′ plane. A first retardation value (Ro′) of the compensation film is (nx−ny′)d, and a second retardation value (Rth′) is [(nx+ny′)/2−nz′]d, and the first and second retardation values (Ro′) and (Rth′) satisfy the following Formula of 0.92≦Rth′/Ro′≦4.75, where ‘n’ denotes a refractive index and ‘d’ denotes a thickness of the compensation film in a z-axis direction.