Disclosed are a liquid crystal display provided with an optical compensatory sheet comprising an optically anisotropic layer which has negative birefringence and comprises a polymer having a discotic structure in its molecule, and an optical compensatory sheet which comprises a transparent support, an orientation layer provided thereon and the optically anisotropic layer provided on the orientation layer. Further, a process for preparation of the optical compensatory sheet and a liquid crystal composition which is useful as material for preparing the optical compensatory sheet are also disclosed.