A superior reflex type vertically-aligned liquid crystal display device wherein the refractive index anisotropy Δn of its liquid crystal material is controlled to be more than 0.1, and the transmissivity of the liquid crystal is saturated with facility at a low voltage below 6V despite a reduction of the thickness of the vertically-aligned liquid crystal layer to less than 2 μm, hence achieving satisfactory driving at a practically low voltage while attaining another advantage of remarkable improvement in the transmissivity itself. Therefore, the display device indicates a sufficient transmissivity, an excellent low-voltage driving characteristic and a fast response. Further improvements are realizable in a display apparatus, a projection optical system and a projection display system by the use of such display device.