A display module includes a display panel for displaying an image, and a protective film adhered to a back surface of the display panel. The protective film includes a compensation layer being in contact with the back surface of the display panel, a first release layer disposed under the compensation layer, a cushion layer disposed under the first release layer, and a second release layer disposed under the cushion layer. An adhesive strength of the first release layer is less than an adhesive strength of the second release layer.