A polarizing plate with retardation layers of the present invention includes a polarizer, a first retardation layer, and a second retardation layer in the staled order. The polarizer and the lust retardation layer are bonded to each other via a first adhesive layer, the first retardation layer and the second retardation layer are bonded to each other via a second adhesive layer, the first retardation layer and the second retardation layer each have a thickness of 5 μm or less, and the second adhesive layer has an average refractive index of 1.55 or more, and a difference between the average refractive index of the second adhesive layer and an average refractive index of the first retardation layer, and a difference between the average refractive index of the second adhesive layer and an average refractive index of the second retardation layer are each less than 0.08.