A reversal magnetic display panel where the numbers of writes/erases repeated until the micro magnets in a dispersion liquid sealed in multiple small cells formed between substrates sediment in the lower part of the small cells by repeated writes/erases when the reversal magnetic display panel is used in a vertical position are increased and a favorable display/erase performance is achieved. Between substrates, a dispersion liquid containing a dispersion medium and a thickening agent as main components and further containing micro magnets the both sides of each of which are differently colored are sealed in. Writing is constituted by difference in contrast between the color of the reversed micro magnets and the color of the non-reversed ones. Hollow particles are mixed with the micro magnets so as to reduce the ratio of the specific gravity of the micro magnets to that of the liquid. The residual magnetization per unit mass of the micro magnets is 1.0 to 23.1 Am.sup.2/Kg