Provided is a method for manufacturing a reflective display particle, the method including: (a) preparing first and second dispersion solutions by dispersing first and second reflective display materials that reflect light in different wavelength ranges into first and second media that contain a curable material and are unmixed with each other, respectively; (b) forming an emulsion by mixing the prepared first and second dispersion solutions, and encapsulating the emulsion into a capsule; and (c) having the first and second dispersion solutions contained in the encapsulated emulsion undergo phase separation, and curing the phase-separated first and second dispersion solutions by applying energy to the phase-separated first and second dispersion solutions.