Abstract: A display device is disclosed which employs a magnetic panel. The magnetic panel is formed by two oppositely arranged substrates at least one of which is transparent or semi-transparent. The space between the two substrates is filled with a dispersing liquid having a yielding value higher than 5 dyne/cm.sup.2. The dispersing liquid is prepared with fine magnetic grains, a coloring agent, a dispersing medium, and a fine grain thickener. Preferably, a multi-cell structure is provided in the space between the two substrates and the substrates are sealed to the multi-cell structure to form a plurality of independent display cells. A displaying magnet in the form of a pen is used to form a display by causing the fine magnetic grains to migrate to the front of the magnetic panel. An erasing magnet is slidably disposed at the rear of the magnetic panel.