A head-mounted display including a transparent display, a liquid crystal lens and a first Fresnel lens is provided. The transparent display is configured to emit an image light beam. The liquid crystal lens is disposed near the transparent display. The transparent display is disposed between the liquid crystal lens and the first Fresnel lens. The first Fresnel lens is configured to receive an ambient light beam. The head-mounted display allows at least a part of the image light beam emitted from the transparent display passing through a pupil by phase modulating of at least a part of the liquid crystal lens.