A light controlling apparatus, a method of fabricating the light controlling apparatus, and a transparent display device including the light controlling apparatus are disclosed, in which light may be transmitted or shielded using a polymer dispersed liquid crystal (PDLC) layer and a guest-host liquid crystal (GHLC) layer, where the guest-host liquid crystal layer includes dichroic dyes. The light controlling apparatus includes first and second substrates facing each other; a first electrode on the first substrate; a second electrode on the second substrate; and a polymer dispersed liquid crystal (PDLC) layer and a guest-host liquid crystal (GHLC) layer between the first electrode and the second electrode, wherein the PDLC layer includes first liquid crystals having droplets, and the GHLC layer includes second liquid crystals and dichroic dyes.