To compare an electrical and optical characteristics of indium tin oxide (ITO) and carbon nanotube (CNT) electrode on flexible and reflective display, we fabricate two charged particle-type display panels under the same panel condition of which the width of ribs is 10 ${mu}m$, the cell size is $300{mu}m{ imes}300{mu}m$, the q/m value of the white particles is -4.3 ${mu}C/g$ and that for the black is +1.3 ${mu}C/g$, and the cell gap is 75 ${mu}m$, 125 ${mu}m$, and 175 ${mu}m$. We use plastic substrates coated with ITO and CNT electrode. To evaluate optical property, we measure a response time of particles using a laser and a photodiode. Threshold and driving voltages of CNT electrode according to the sheet resistance of 300, 600, 1,000 (ohm/sq) are compared with ITO electrode of 10 (ohm/sq). A response time of the CNT panel is similar to that of ITO panel, but the threshold and driving voltages of CNT panel are higher than that of ITO panel, inducing a large bombardment of the particles and shortening the lifetime of the panel. High difference of a threshold and a driving voltage of CNT panel will induce an particle clumping, resulting degradation of the panel. A bending radius of the fabricated CNT panel is 18 ${mu}m$.