A display medium includes: a pair of substrates; a spacing member that maintain a gap between the pair of substrates and has a first portion projecting in an intersecting direction, the intersecting direction intersecting a direction in which the pair of substrates face each other; and a holding layer that is provided on at least one of the pair of substrates such that the holding layer fills a space between the at least one of the pair of substrates and an end face of the spacing member, the holding layer covers the first portion from the end face of the spacing member, and the holding layer holds an end part of the spacing member in the direction in which the pair of substrates face each other.