To provide a touch panel and a display device with a touch panel capable of preventing light reflection in a touch panel, especially, light reflection on a transparent conductive film and a gap interface and light reflection on a reflector in a display device, and obtaining pictures whose contract is extremely satisfactory and whose visibility is excellent in the wide range of a visible light wavelength area.

In a touch panel constituted by setting a circular polarization film constituted of a polarization film and at least one phase difference film, the phase difference of the phase difference film is set so that the following formulas (1)-(2) can be fulfilled, and the water absorption is set so as to be 1.0 wt.% or less. Those formulas are (x): R (450)/R (550)<1 and (2): R (650)/R (550)>1, wherein R (450), R (550) and R (650) are respectively the in-face phase difference of a high polymer orientation film in wavelength 450 nm, 550 nm, and 650 nm.