This study examined the effects of particle size on the light scattering of a nano-sized color filter pigment used to obtain a range of colors in liquid crystal displays. The contrast ratio is one of the most important characteristics of liquid crystal displays. When a color filter is located between two crossed polarizers, the size of the pigment can give rise to a decrease in the contrast ratio due to Rayleigh scattering by the nanoparticles in the filter. The size effect of the color filter pigment on the contrast ratio was investigated in terms of the depolarization parameter. As an experimental result, the depolarization parameter increased with decreasing pigment size. Therefore, a smaller pigment size can reduce light leakage caused by light scattering in the color filter between two crossed polarizers. The depolarization function was also proposed as a useful function for predicting the decrease in the contrast ratio of the color filter.