We propose a Self‐compensated Phase Retardation (SPR) film as a compensation film for in‐plane switching liquid crystal displays. Numerical calculations show that SPR film suppress the light leakage significantly to achieve the contrast ratio higher than 290:1 for all viewing angle, compared to the conventional film having the contrast ratio 120:1. Color difference from D65 at black state is also decreased from Δu'v'=0.3031 to 0.1646 at viewing angle (θ,φ)=(60°,45°) when we replace the conventional films to SPR ones.