The present invention provides a method of manufacturing a display medium, including preparing a first substrate on which a gap retaining member that retains a gap between substrates is disposed in a protruded form; applying an adhesive to a top surface of the gap retaining member; disposing a particle dispersion liquid on an area surrounded by the first substrate and the gap retaining member; and adhering the first substrate and a second substrate together via the gap retaining member, by contacting the second substrate with the adhesive applied to the top surface of the gap retaining member and drying the solvent of the adhesive so as to adhere the second substrate to the top surface of the gap retaining member by the adhesive component of the adhesive. The display medium and a display apparatus including the display medium and an electrical field-generating unit are also provided.