A polarizing plate with optical compensation layers that performs a wide viewing angle compensation with respect to a liquid crystal cell, allows circularly polarized light to be obtained over a wide range of light wavelengths, contributes to the reduction in thickness, prevents thermal irregularity from occurring, and can effectively prevent light leakage from occurring in a black display. The polarizing plate includes a polarizer, a first optical compensation layer, and a second optical compensation layer that are stacked together in this order. The first optical compensation layer is formed of a liquid crystal compound and has a relationship of nx>ny=nz and an in-plane retardation Re.sub.1 of 100 to 170 nm. The second optical compensation layer has a relationship of nx=ny>nz and a thickness direction retardation Rth.sub.2 of 30 to 400 nm. The angle formed between the absorption axis of the polarizer and the slow axis of the first optical compensation layer is in the range of "plus" or "minus" 25 to 65 degrees.