A display element having high response property, wide viewing angle property, and high contrast property, and exhibiting a wide driving temperature range and excellent durability and reliability. Between two facing substrates (1, 2), a cholesteric liquid crystal layer (3) made of a liquid crystal material exhibiting a cholesteric phase whose spontaneous twist pitch is shorter than a wavelength of visible light is provided. Facing planes of the substrates (1, 2) are provided with alignment films (8, 9) for aligning liquid crystal molecules near the interface of the substrate in a specific direction. Furthermore, the planes are provided with electrodes (4, 5) for applying an electric field on the cholesteric liquid crystal layer (3) in a direction substantially parallel to a plane of each substrate. The cholesteric liquid crystal layer (3) exhibits optical isotropy in the direction parallel to the plane of each substrate when no voltage is applied. Display is performed by applying an electric field on the cholesteric liquid crystal layer (3) so as to exhibit optical anisotropy in the direction parallel to the plane of each substrate.