We have developed a new polarizer system named “Light Control Polarizer (LCP)” that has a shading effect comparable to that of light control films (LCF) while significantly improving on‐axis luminance loss. The LCP exhibits a louver effect of 1.4% at a 60° polar angle and 1.1% at a ‐60° polar angle in vertical direction, with a 20% increase in on‐axis luminance over LCF and a 12% increase in contrast ratio (CR). These characteristics allow the LCP to work as an alternative to LCF providing with effective light shielding in the vertical direction without sacrificing display luminance.