The present invention provides a highly reliable multilayered glass panel and an encapsulating material for achieving the highly reliable multilayered glass panel. The encapsulating material includes lead-free low melting glass particles containing vanadium oxide and tellurium oxide, low thermal expansion filler particles, and glass beads as a solid content. A volume fraction of the glass beads in the solid content is not less than 10% to not more than 35%, and a volume fraction of the lead-free low melting glass particles in the solid content is larger than a volume fraction of the low thermal expansion filler in the solid content.