A display medium includes: a pair of substrates having electrodes and disposed to form a space therebetween, at least one of the substrates transmitting light; a dispersion medium enclosed between the substrates; a group of particles that is dispersed in the dispersion medium and that moves in the dispersion medium according to an electric field applied between the substrates; and a treatment layer provided on at least one of surfaces of the substrates that oppose each other, the treatment layer being formed by treating the at least one of surfaces of the substrates that oppose each other with a polymer compound having a silicone chain.