A light-modulating element comprises: first and second transparent substrates arranged in opposition to one another; a first transparent electrode arranged on the opposition surface of the first transparent substrate; a plurality of light transmissive regions arranged between the first transparent electrode and the second transparent substrate so as to be separated from one another; a plurality of second transparent electrodes arranged at respective positions on the second transparent substrate opposing the respective light transmissive regions, and that are arranged so as to be separated by a given distance from the respective light transmissive regions; a plurality of third transparent electrodes arranged individually between the second transparent electrodes at a predetermined distance therefrom on the second transparent substrate side; and an electrophoretic member arranged within a gap formed between the first transparent substrate and the second transparent substrate, and that includes light-shielding electrophoretic particles.