Abstract: The present invention relates to a display module comprising: a first panel in which a plurality of pixels composed of a light-emitting unit and a light-transmitting unit are arranged in an array; and a second panel located on the rear surface of the first panel and including a plurality of light-blocking shutters corresponding to the plurality of pixels, respectively, wherein the light-blocking shutters comprise: a diffusion unit having a first thickness; a collecting unit located on one side of the diffusion unit and having a second thickness greater than the first thickness; transparent electrodes located in the diffusion unit and the collecting unit; and a first fluid and a second fluid which are located in the diffusion unit and the collecting unit and do not mix with each other. The first fluid moves between the diffusion unit and the collecting unit according to the voltage applied to the transparent electrodes, and one of the first fluid or the second fluid is transparent and the other is opaque.