An electrophoretic display sheet manufactured by forming on one surface of a first substrate partitions with an opening and applying and forming a binder layer on one surface of a second substrate, and then causing an electrophoretic dispersion liquid containing black particles and white particles dispersed in a dispersion medium to permeate into the binder layer and affixing the first substrate and the second substrate in a direction in which the surface of the binder layer with the electrophoretic dispersion liquid permeated therein and the surface of the partitions are opposite each other, and a method of manufacturing the electrophoretic display sheet are provided.