This research presents a flexible reflective thermochromic display (TCD) comprised of thermochromic pigments and a patterned indium tin oxide (ITO) film coated on a polyethylene naphthalate (PEN) substrate, and the display's thermo-optical characteristics. The display showed maximum red, green, and blue reflectances of 30%, 38%, and 29%, respectively. Furthermore, the display exhibited a continuous grey color when the temperature was changed continuously. As a flexible display, the display showed reliable thermo-optical performance without image damage even when highly bent. We expect the proposed TCD will be used in outdoor information display applications where low cost is a key factor.