The subject invention provides a display element which achieves reduction in driving voltage. The display element according to the present invention includes substrates 1 and 2, at least one of which is transparent, and a medium layer 3 held between the substrates 1 and 2, the display element further including on the substrate 1 electrodes 4 and 5 for generating an electric field in a direction substantially parallel to the substrates so as to apply the electric field to the medium layer 3 to cause optical modulation of the medium; and an alignment film 6 which is provided on the surface of the substrate 2. With this arrangement, the voltage level is not decreased because of the alignment film 6, and the driving voltage of the display element does not need to be increased, thereby ensuring reduction of driving voltage.