The invention provides a light modulating material capable of supplying a predetermined light modulating property over a long period of time regardless of an incident light condition. The light modulating material includes at least: a first liquid crystal layer which has at least a dichroic dye and changes from a colorless transparency state to a colored transparency state when voltage is applied thereto; and a second liquid crystal layer which changes from a colorless transparency state to a white light-scattering state when voltage is applied thereto. The second liquid crystal layer is provided closer to a surface of the light modulating material on which light is incident compared to the first liquid crystal layer.