A low color shift polarizer assembly is provided, comprising a cholesteric liquid crystal film with a plurality of very tiny grooves which are irregularly dispersed on a surface of the cholesteric liquid crystal film. The selective reflective wavelength range of the cholesteric liquid crystal film has a long wavelength boundary ≧700 nm and a short wavelength boundary ≦420 nm. A quarter wavelength retardation plate can be disposed on the cholesteric liquid crystal film to build up the final low color shift polarizer assembly. The polarizer assembly can be combined with a backlight unit and further with a liquid crystal display to provide low color shift at large viewing angles and high brightness.