Optically variable security element for securing valuable objects, which has a different visual appearance in each case when the security element is viewed from an upper side and from an opposite lower side, - the surface extension of the security element defining a z-axis perpendicular thereto, - the security element having a surface region which is reflective in a polychromatic manner, - the polychromatically reflective surface region containing two relief structures (24, 34) which are arranged at different vertical levels in the z-direction and form an upper relief structure located closer to the upper side of the security element and a lower relief structure located closer to the lower side of the security element, - the lower relief structure being provided with a lower color coating following the relief profile and the upper relief structure being provided with an upper color coating following the relief profile, - a translucent planar structure being arranged at a vertical level between the two relief structures in the z direction, the two relief structures and the planar structure overlapping in an overlap region, - the upper color coating having at least one recess in the overlap region, and - the lower color coating having at least one recess in the overlap region, characterized in that the translucent planar structure is a colored translucent planar structure, in the recess of the upper color coating, the lower relief structure is visible with the combined color effect of at least the translucent colored planar structure and the lower color coating when the security element is viewed from the upper side, and, in the recess of the lower color coating, the upper relief structure is visible with the combined color effect of at least the translucent colored planar structure and the upper color coating when the security element is viewed from the lower side. - the surface extension of the security element defining a z-axis perpendicular thereto, - the security element having a surface region which is reflective in a polychromatic manner, - the polychromatically reflective surface region containing two relief structures (24, 34) which are arranged at different vertical levels in the z-direction and form an upper relief structure located closer to the upper side of the security element and a lower relief structure located closer to the lower side of the security element, - the lower relief structure being provided with a lower color coating following the relief profile and the upper relief structure being provided with an upper color coating following the relief profile, - a translucent planar structure being arranged at a vertical level between the two relief structures in the z direction, the two relief structures and the planar structure overlapping in an overlap region, - the upper color coating having at least one recess in the overlap region, and - the lower color coating having at least one recess in the overlap region, the translucent planar structure is a colored translucent planar structure, in the recess of the upper color coating, the lower relief structure is visible with the combined color effect of at least the translucent colored planar structure and the lower color coating when the security element is viewed from the upper side, and, in the recess of the lower color coating, the upper relief structure is visible with the combined color effect of at least the translucent colored planar structure and the upper color coating when the security element is viewed from the lower side.