A reflective flexible display was fabricated by placing a thermochromic pigment on a polyethylene naphthalate (PEN) substrate coated with an indium tin oxide (ITO) film, and its thermo-optical characteristics were investigated. The reflective thermochromic display showed good image quality with a reflectance of approximately 65%. As a flexible display, the display showed reliability without damage to the image even after the display was bent strongly. The reflective display cell exhibits continuously the gray level according to the temperature controlled by applied voltage. This low cost display is expected be used in outdoor poster applications where information needs to be presented clearly.