Disclosed is a liquid crystal display device including a liquid crystal layer sandwiched between two substrates; two polarizers each provided on an outer side of respective one of the first and second substrates; and a compensation film provided between the polarizer and the substrate, wherein the retardation of the biaxial film satisfies the following formulae (1)-(3) and/or (4)-(5): 1.ltoreq.R.sub.0(450)/R.sub.0(.lamda..sub.0).ltoreq.1.3 (1) 1.1.ltoreq.R.sub.0(650)/R.sub.0(.lamda..sub.0).ltoreq.2.1 (2) 100 nm.ltoreq.R.sub.0(.lamda..sub.0).ltoreq.240 nm (3) 1.ltoreq.R.sub.0(380)/R.sub.0(.lamda..sub.0).ltoreq.2 (4) 1.2.ltoreq.R.sub.0(780)/R.sub.0(.lamda..sub.0).ltoreq.2.7 (5) where R.sub.0(380), R.sub.0(450), R.sub.0(650), R.sub.0(780) and R.sub.0(.lamda..sub.0) represent the retardation of the biaxial film at wavelengths of 380 nm, 450 nm, 650 nm, 780 nm and .lamda..sub.0, respectively, and .lamda..sub.0 is the value calculated by .lamda..sub.0=[n.sub.e-n.sub.o].times.d/k (where n.sub.e and n.sub.o represent the refractive indices of the liquid crystal, d represents the cell gap defined between the two substrates, and k is a constant, 0.55.ltoreq.k .ltoreq.1).