Disclosed are a liquid crystal display, which can increase a design margin upon designing a driving timing chart, improve picture quality characteristics and reduce power consumption, and a method for driving the same. The liquid crystal display of a field sequential color type comprises an LCD panel having a plurality of pixels arranged in a matrix form defined by gate lines and data lines crossing each other, a sub-field time setting unit for selecting 1 horizontal period according to an externally input frame frequency and a first user-set signal and determining a wait period and a flash period corresponding to the 1 horizontal period according to second and third user-set signals, a timing controller for producing and outputting a gate control signal and a data control signal corresponding to the 1 horizontal period and the wait period and a light source control signal corresponding to the wait period and a re-aligned pixel data, a gate driver for sequentially outputting a scan pulse to the gate lines according to the gate control signal, a data driver for outputting a data voltage to the data lines every 1 horizontal period according to the data control signal, and a backlight unit for sequentially outputting red, green and blue light to the pixels, respectively, according to the control of the timing controller.