Disclosed is a paper-like display device. A front substrate 1 and a back substrate 2 are disposed to face each other with a space therebetween, and partition walls 5 partition the space vertically (Y) and horizontally (X) into cell spaces 3. A predetermined quantity of black-colored particles 4 is enclosed within each cell space 3. A white reflective layer 6, first electrodes 7, and an insulating layer 8 are formed on the inner surface of the back substrate 2. Each first electrode 7 is separately formed for a different pixel and extends along the bottom surface of the cell space 3. Each partition wall 5 includes an upper partition wall 5b, facing the front substrate 1, and a lower partition wall 5a, facing the back substrate 2. A second electrode 9 serving as a common electrode is formed between the upper partition wall 5b and the lower partition wall 5a.