The present invention provides a micro-lens substrate wherein a higher contrast ratio can be obtained when used in a liquid crystal panel and the like. A micro-lens substrate includes a first substrate with concaves for microlenses having a plurality of first concaves and first alignment marks formed on a first glass substrate, a second substrate with concaves for microlenses having a plurality of second concaves and second alignment marks formed on a second glass substrate, a resin layer, microlenses comprised of double convex lenses formed of a resin filled in between the first and second concaves, and spacers.