A display element of the present invention includes: a pair of substrates at least one of which is transparent; a medium layer, made of a medium sandwiched between the substrates 1 and 2, whose magnitude of an optical anisotropy is changed by applying an electric field; and at least a pair of electrodes applying to the medium layer an electric field which is substantially parallel to the substrates. The electrodes are provided above the substrate via insulating layers each of which is formed in a convex shape. Therefore, a maximal electric field region generated by the electrodes is separated from interfaces of the substrates.