A magnetophoretic display panel capable of displaying clear and distinct indicia and erasing the indicia neatly. The display panel includes a multi-cell structure having a thickness of 0.8 to 1.5 mm and formed with a number of cells which contain therein colored liquids and colored magnetic particles. A magnetic pen exhibits an effective magnetic flux density of 100 to 500 Gauss at a bottom of a magnetic panel when positioned on a surface of the magnetic panel. An erasure magnet exhibits an effective magnetic flux density of 300 to 1500 Gauss at the surface of the magnetic panel when positioned on the bottom of the magnetic panel.