Disclosed is a transmissive and reflective type LCD. In the LCD, a second substrate faces a first substrate. A liquid crystal layer is formed between the first substrate and the second substrate. A first polarizing plate is formed on an outer surface of the first substrate. A second polarizing plate is formed on an outer surface of the second substrate. A backlight is arranged for irradiating incident light onto the polarizing plate. A transparent transflective film is arranged between the first polarizing plate and the backlight for partially reflecting and partially transmitting the incident light. The transparent transflective film includes at least a first layer and a second layer, the first and second layers having different refractivity indexes from each other and are alternatively stacked. 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.