An IPS-LCD, in which the direction of an optical axis and retardation values are adjusted according to the disposition of a phase retardation film replacing one protective film, obtains a contrast ratio similar to that of an IPS-LCD having upper and lower protective films, and has a small thickness. The IPS-LCD includes first and second polarizing plates (1, 2), an IPS panel (3), and a first protective film. Absorption axes (4, 5) of the first and second polarizing plates (1, 2) are orthogonal to each other, and an optical axis of a liquid crystal in the IPS panel (3) and the absorption axis (4) are parallel with each other. A second phase retardation film, obtained by coating a biaxial film (17) with a uniaxial C film (11), is disposed between the second polarizing plate (2) and the IPS panel (3) and is used as a second protective film.