Relationships between properties of dichroic dyes and performances of three layered Guest-Host Liquid Crystal Displays (GH-LCDs) with subtractive color mixing of yellow, magenta and cyan were studied by color mixing simulation. In the case of using the dyes we developed, it was found that the color reproduction areas were as much as 1.6 times larger than in the case of using only commercially available dyes. Performances of our prototype reflective three-layered GH-LCDs were high (the luminous reflectance of the white state was 43%, and the contrast was 5.3), indicating that three-layered GH-LCDs are practical for the display of full-color images.