To provide a display device having high reflecting property which uses a plurality of different optical mechanisms.

This multilayered bipolar optical modulating sheet 10 includes a transparent substrate 30, a transparent conductive layer 32 formed on the substrate 30, and a plurality of light modulating electric reaction layers 34, 36. Each layer of the plurality of light modulating electric reaction layers consists of a polymer having dispersion of a cholesteric liquid crystal material which can be controlled into a first light-reflection state and a second light- transmitting state, and is formed on at least a part of the conductive layer. The each layer of the plurality of light modulating electric reaction layers acts in different states to transmit or reflect light according to different electric fields applied.