A TFT array panel on which both pixel electrodes and common electrodes are formed and a color filter panel is disposed opposing the array panel, and liquid crystals are interposed therebetween. The liquid crystals are aligned parallel to the two panels and driven by parallel electric field formed between the pixel electrodes and reference electrodes. Polarization films are arranged outsides the two panels, and a quasi-A plate compensation film is arranged between the color filter panel and the polarization film. An LCD according to the present invention includes first and second panels, a common electrode formed within the first or the second panel, a pixel electrode formed within the same panel as the common electrode is formed, a liquid crystal layer interposed between the first and second panels, a lower polarization film arranged under the first panel in which the first polarization film is arranged between the first and the second supporting bodies, and an upper polarization film arranged over the second panel in which the second polarization film is arranged between the third and fourth supporting bodies. Yellow shift in black state is also reduced and contrast ratio of side view is improved by minimizing Rth in supporting films or by using TEG polarization film having small Rth.