Light modulating device and a display device

The present invention provides a light modulating device that can increase utilization efficiency of light in a light reflecting state by a simple constitution. This light modulating device is a light modulating device provided with a first substrate and a second substrate disposed facing each other and a light modulating layer disposed between the first substrate and the second substrate, wherein: the first substrate and the second substrate each have electrodes; the light modulating layer has anisotropic shaped members dispersed in liquid crystals; the liquid crystal molecules in the liquid crystals are disposed so as to be twisted along the direction of thickness of the light modulating layer in a state where voltage is not applied to the electrodes; and the tilt angle of the liquid crystal molecules in the state of electricity not being applied to the electrodes changes along the direction of thickness of the light modulating layer and is 7.5 - 90° at a first interface for the first substrate and/or a second interface for the second substrate.