The invention provides a display medium including: a pair of substrates facing one another, at least one of the substrates being transparent; electrodes provided at opposing surfaces of the pair of substrates; and a light modulating layer disposed between the pair of substrates, the light modulating layer containing electrophoretic colored particles, a dispersion medium for dispersing the electrophoretic colored particles, and a reflection member having light reflection characteristics different from those of the electrophoretic colored particles, and the surface of the electrophoretic colored particles and the surface of the reflection member satisfying the following formula (1): 180>|.theta.p-.theta.r|.gtoreq.20, in formula (1), .theta.p representing a contact angle (degrees) between the surface of the electrophoretic colored particles and water, and .theta.r representing a contact angle (degrees) between the surface of the reflection member and water.