A paper-like cholesteric liquid crystal (ChLC) display has been developed by photo-induced polymer/ liquid crystal phase separation process. Depending on this process, the homogeneous mixture of ChLC and pre-polymer would separate into polymer walls and ChLC rich region. Polymer walls formed by photopolymerization of pre-polymer provide several advantages of flexible display applications such as good mechanical properties and low cell gap tolerance. The ChLC rich region was a composite combined by the ChLC and dispersed polymer. This dispersed polymer was derived from the residue polymer in the display area after the phase separation process. This dispersed polymer was used to disturb the alignment of ChLC, and break the planar structure into multi-domain planar structure which would present the white appearance in the planar state. The electro-optical properties were measured by Otsuka LCD 5100 and Eldim EZ Contrast 160RH. The relationship between phase separation process and electro-optical properties was also been developed.