A novel retardation film is disclosed. The film comprises a transparent substrate and an optically anisotropic layer formed thereon by fixing a liquid crystalline compound in an aligned state, wherein the retardation film, when positioned between two polarizers in a crossed Nicol arrangement, has a frontal luminance within a range of 0.700 to 0.000 cd/m.sup.2. A novel liquid crystal display is also disclosed. The display comprises a first polarizing film, the retardation film positioned in contact with a surface of the first polarizing film, a first substrate, a liquid crystal layer formed of a liquid crystal material, and a second substrate positioned in this order, in which liquid crystal molecules of the liquid crystal material are aligned in a black state parallel to surfaces of a pair of the substrates. In the display, a slow axis of the retardation film is parallel to a transmission axis of the first polarizing film and also to a slow axis of the liquid crystal molecules of the liquid crystal layer in a black state.