PURPOSE: To provide a light-modulating material which has a great difference between the light transmittance in applying an electric field and that in without applying an electric field and excels in voltage sensitivity and heat resistance, and which comprises a liquid crystal and a polymer for supporting the liquid crystal and to provide a light-modulating element containing this material.

CONSTITUTION: The light-modulating material comprises a liquid crystal and a polymer and controls light transmittance and scattering. The polymer is a copolymer of a trimethylolpropane compound of the formula: C2H5C[CH2 O-(R2O)m-CO-C(R1)=CH2]3 with an acrylate compound of the formula: CH2=C (R3)-COOR4 (wherein R1 and R3 are each H or -CH3; R2 is a 2-3C alkylene, m is 1-10; R4 is a 1-18C alkyl, cycloalkyl, tetrahydrofurfuryl or the like], and the title element contains this material.