A display system includes: a display device; a reflection optical system; a housing; and a shield member. The reflection optical system includes at least a last reflective member on which light, emerging from a display screen of the display device, is incident either directly or indirectly. The shield member is held by the housing to assume either a shielding state or an unshielding state. The shielding state is a state where the shield member at least partially cuts off light incident on, or reflected from, the last reflective member. The unshielding state is a state where the shielding state is canceled. The shield member in the shielding state reflects, toward the viewer's eyes, external light impinging on the housing. The housing has a holding structure to hold the shield member, no matter whether the shield member assumes the shielding state or the unshielding state.