As a polarizing plate with optical compensation function, that is thin and excellent in optical characteristics, the present invention provides a polarizing plate with optical compensation function including at least two optically compensating layers. The optically compensating layers includes: an optically compensating A-layer formed of a polymer film, satisfying conditions represented by formulae (I) and (II) below; and an optically compensating B-layer formed of a non-liquid crystalline polymer film, satisfying conditions represented by formulae (III) to (V) below. 20 (nm).ltoreq.Re.sub.a.ltoreq.300 (nm) (I) 1.0.ltoreq.Rz.sub.a/Re.sub.a.ltoreq.8 (II) 1 (nm).ltoreq.Re.sub.b.ltoreq.100 (nm) (III) 5.ltoreq.Rz.sub.b/Re.sub.b.ltoreq.100 (IV) 1 (.mu.m).ltoreq.d.sub.b.ltoreq.20 (.mu.m) (V)The present invention also provides a liquid crystal display using the polarizing plate.