A reflective display device including: a reflection plate; a liquid crystal layer disposed on the reflection plate, the liquid crystal layer including a liquid crystal aligned vertically in an initial alignment state, a first phase delay layer disposed on the liquid crystal layer; a reflective polarizing element disposed on the first phase delay layer; and an absorptive polarizing element disposed on the reflective polarizing element, wherein external light incident on the absorptive polarizing element is in an unpolarized state.