Provided is a transparent display apparatus including a lower panel on which a shutter region and a light emitting region are horizontally disposed, an upper panel including a recessed region configured to cover the shutter region and the light emitting region to face the lower panel, a light emitting device, and a shutter device. The shutter device includes a lower electrode and an electrochromic material layer that are sequentially laminated in the shutter region of the lower panel, an upper electrode disposed in the recessed region of the upper panel, and an electrolyte layer filled between the electrochromic material layer and the upper electrode.