Provided is a microcapsule magnetic migration display including microcapsules arrayed on a substrate. A dispersion liquid containing an oily dispersion medium having two components of light-absorptive magnetic particles and light-reflective non-magnetic particles dispersed therein is encapsulated in the microcapsules, and positions of the two components are allowed to vertically migrate by a magnetic field. The dispersion liquid is one or two or more kinds of oily liquids having a flash point of 70.degree. C. or more, a volume density at 15.degree. C. of 0.75 to 0.91 g/cm.sup.3, and a dynamic viscosity at 40.degree. C. of 7 mm.sup.2/S or less, is added with 0.5 to 8.0 wt % of non-ionic surfactant with an HLB value of 5.0 or less, and is added with solid particles having a true specific gravity exceeding 1.0 and a particle diameter of 0.1 to 30 .mu.m, thereby adjusting the volume density thereof at 15.degree. C. to 1.0 to 1.2 g/cm.sup.3.