A display medium includes: a pair of substrates; an electrode arranged between the pair of substrates and on one substrate of the pair of substrates; a multilayered structure including plural color-forming layers arranged between one substrate of the pair of substrates and the electrode, each of the plural color-forming layers containing an electroconductive sheet-like porous body and an electrochromic dye which is retained by the porous body and is reversibly colored or decolored by at least one of an electrochemical oxidation reaction or a reduction reaction, and the colors when the electrochromic dyes in the respective plural color-forming layers are colored being different from one another; and an electrolytic material included in a region between the pair of substrates.