Provided are a cholesteric liquid crystal composition which contains a compound having a high Δn value and shows an orientation in a thick layer, and a circular polarization separator sheet having a wide reflection bandwidth and capable of being produced simply and easily. A cholesteric liquid crystal composition containing a compound represented by a formula (1): R1-A1-B-A2-R2 (R1 and R2 represent alkyl, alkylene oxide, H, halogen, hydroxyl, carboxyl, (meth)acryl, epoxy, mercapto, isocyanate, amino or cyano; A1 and A2 represent 1,4-phenylene, 1,4-cyclohexylene, 1,4-cyclohexenyl, 4,4′-biphenylene, 4,4′-bicyclohexylene or 2,6-naphthylene; and B represents a single bond, —COO— or the like) and a rod-shaped liquid crystal compound having Δn of 0.18 or more and at least two or more reactive groups per one molecule.