A display apparatus capable of controlling light transmittance and a method of manufacturing the display apparatus. The display apparatus includes a transparent display device in which a pixel that has a first region comprising an organic emission layer (organic EL), and a second region adjacent to the first region, the second region transmitting external light, a first circular polarizer in an optical path of light emitted from the transparent display device, a second circular polarizer, the transparent display device being between the first and second circular polarizers, and a transmittance adjusting device including a liquid crystal layer for adjusting transmittance of external light, the transmittance adjusting device being between the transparent display device and the second polarizer such that the transparent display device encapsulates the liquid crystal layer, external light passing through the first circular polarizer, the second circular polarizer, and the transmittance adjusting device.