The invention provides an identification medium with high identification capability, comprising, a light absorption layer/adhesive layer (101), a magnetic change sheet (102) furnished with a layer of magnetic microcapsules (102a) enclosing scalelike magnetic powder (102b) and dispersion liquid (102c), and a cholesteric liquid crystal layer (105) superimposed one upon another. Upon application of a perpendicular magnetic field, the scalelike magnetic powder (102b) is oriented vertically, and any incident light transmits the magnetic change sheet (102) and is absorbed in the light absorption layer/adhesive layer (101). On the other hand, upon application of a parallel magnetic field, the scalelike magnetic powder (102b) is oriented horizontally, and any incident light is reflected by the magnetic change sheet (102). This difference is cast in the optical properties of the cholesteric liquid crystal layer (105), thereby realizing attainment of optical identification capability.