A display medium includes at least: a pair of substrates, at least one of the substrates having optical transparency; a dispersion medium positioned in a gap between the pair of substrates; one or more kinds of electrophoretic particles or two or more kinds of electrophoretic particles different in color from each other, included in the dispersion medium; and a holder disposed between the pair of substrates, the holder having a function of holding the electrophoretic particles and a function of controlling, by an external voltage, a movement amount of the electrophoretic particles on the holder.