Provided is a flexible display apparatus having an improved light extracting efficiency and a method of manufacturing the flexible display apparatus. The flexible display apparatus includes a flexible substrate having a rippled surface, a pixel electrode on the flexible substrate and having a rippled surface, an intermediate layer on the pixel electrode and including a light emission layer, and an opposing electrode facing the pixel electrode. A method of manufacturing the flexible display apparatus includes applying a tensile force to a flexible substrate, forming a pixel electrode on the flexible substrate, removing the tensile force applied to the flexible substrate to form a rippled surface in the pixel electrode, forming an intermediate layer including an light emission layer on the pixel electrode, and forming an opposing electrode facing the pixel electrode.