A microcapsule magnetic migration display, in which a plurality of microcapsules, in which a dispersion liquid containing an oily dispersion medium having as image forming elements two components of light-absorptive magnetic particles and light-reflective non-magnetic particles dispersed therein is encapsulated to form a microcapsule-encapsulated dispersion liquid, are arrayed on a substrate, and positions of the two components in the oily dispersion medium are allowed to vertically move in the microcapsules by an electric field applied from outside the substrate, to thereby form a character or an image of a black color or a white color on the white color or the black color, respectively, or erase therefrom, wherein: the microcapsule magnetic migration display uses microcapsules each having a particle diameter of 30 to 180 μm, and each encapsulating dispersion medium-encapsulated liquid having the following properties and features: the oily dispersion medium comprises one kind or two or more kinds of mixed oily liquids having a flash point of 70°C or more, a volume density at 15°C of 0.75 to 0.91g/cm 3, and a kinematic viscosity at 40°C of 7 mm 2 /S or less; the oily dispersion medium described in the item comprises 0.5 to 8.0 wt% of non-ionic surfactant with an HLB value of 5.0 or less, which is liquid under room temperature; and a volume density of the dispersion medium-encapsulated liquid after dispersion of the image forming elements is adjusted to 1.0 to 1.2 g/cm 3 by only using a mixture of both the light-absorptive magnetic particles and the light-reflective non-magnetic particles as the image forming elements. the microcapsule magnetic migration display uses microcapsules each having a particle diameter of 30 to 180 μm, and each encapsulating dispersion medium-encapsulated liquid having the following properties and features: the oily dispersion medium comprises one kind or two or more kinds of mixed oily liquids having a flash point of 70°C or more, a volume density at 15°C of 0.75 to 0.91g/cm 3, and a kinematic viscosity at 40°C of 7 mm 2 /S or less; the oily dispersion medium described in the item comprises 0.5 to 8.0 wt% of non-ionic surfactant with an HLB value of 5.0 or less, which is liquid under room temperature; and a volume density of the dispersion medium-encapsulated liquid after dispersion of the image forming elements is adjusted to 1.0 to 1.2 g/cm 3 by only using a mixture of both the light-absorptive magnetic particles and the light-reflective non-magnetic particles as the image forming elements. the oily dispersion medium comprises one kind or two or more kinds of mixed oily liquids having a flash point of 70°C or more, a volume density at 15°C of 0.75 to 0.91g/cm 3, and a kinematic viscosity at 40°C of 7 mm 2 /S or less; the oily dispersion medium described in the item comprises 0.5 to 8.0 wt% of non-ionic surfactant with an HLB value of 5.0 or less, which is liquid under room temperature; and a volume density of the dispersion medium-encapsulated liquid after dispersion of the image forming elements is adjusted to 1.0 to 1.2 g/cm 3 by only using a mixture of both the light-absorptive magnetic particles and the light-reflective non-magnetic particles as the image forming elements.