A display module including a first substrate and a second substrate facing each other; a liquid crystal layer located between the first and second substrates; a first polarizer laminated on the first substrate; and a conversion layer laminated on the first polarizer. Further, the conversion layer includes a plurality of first films and a plurality of second films in an alternating manner, each of the first films having a first refractive index, and each of the second films being laminated on a lower surface of a corresponding first film and having a second refractive index lower than the first refractive index.