Abstract: A method of manufacturing a semitransparent display device includes the steps of forming a light shield film over a transparent display region on a transparent substrate, applying a photosensitive organic film over the transparent substrate coated with the light shield film, exposing and developing the photosensitive organic film to form a through hole extending through the photosensitive organic film in the transparent display region, removing the light shield film exposed through the through hole after forming the through hole, and forming a reflective film above the photosensitive organic film to form a reflective display region. Thereby, such a situation can be prevented that light reflected by a stage after passing through a TFT array substrate causes visible irregularities in thickness of an organic flattening film during exposure processing for forming the organic flattening film.