Disclosed is a transmissive and reflective type LCD. In the LCD, a second substrate faces a first substrate. Liquid crystal layer is formed between the first and second substrate. A first polarizing plate is formed on outer surface of the first substrate. A second polarizing plate is formed on outer surface of the second substrate. A backlight is arranged at a rear side of the first polarizing plate. A transparent transflective film is arranged between the first polarizing plate and the backlight and has a plurality of layers where a first and a second layer each having different refractivity indexes are alternatively stacked. The transparent transflective film partially reflects and transmits incident light. By a restoring process occurring between the transflective film and the backlight, a predetermined amount of the incident light is transmitted through the transflective film repeatedly, so that transmissivity and light efficiency are enhanced.