A transflective type liquid crystal display (LCD) device and method for manufacturing the same is disclosed, in which it is possible to decrease manufacturing cost and improve yield by decreasing the number of masks. The transflective type LCD device includes a substrate having reflection and transmission regions, a first insulating layer on an entire surface of the substrate whereon gate and storage electrodes are formed at predetermined portions, a transparent electrode overlapped with the storage electrode and formed over the transmission region of the first insulating layer, and a second insulating layer formed over the reflection region of the substrate and having a contact hole for exposing a predetermined portion of the transparent electrode.