An identification medium is provided in which latent image having plural colors can be observed even when the identification medium is spaced away from a polarization filter. A cholesteric liquid crystal layer is provided as a specific polarization light reflection layer which reflects light having a specific polarized condition. An optical anisotropic layer having an optical anisotropy is provided at an upper position overlapping with the specific polarization light reflection layer. An image A fanned by an area having an optical anisotropy different from that of surroundings is formed at the optical anisotropic layer. When the identification medium is directly viewed, the influence of the optical anisotropy cannot be seen. When the identification medium is observed via a circular polarization filter, the image can be seen to have a specific color by the influence of the optical anisotropy.