A transflective liquid crystal display has a liquid crystal cell having a liquid crystal layer sandwiched between a pair of transparent substrates each provided with an electrode. A first polarizer is disposed on a viewer's side of the cell. At least one optical retardation compensator is disposed between the polarizer and the cell. A transflector is disposed behind the viewer's side of the liquid crystal layer. A circular polarizer is provided behind the viewer's side of the transflector. The circular polarizer comprises a second polarizer and an optical anisotropic element having a phase difference of approximately wavelength in the visible light region. The optical anisotropic element has a liquid crystal film with a fixed nematic hybid orientation structure and a stretched film.