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The present invention discloses shutter glasses and a 3D display system. The shutter glasses include a first polarizer, a second polarizer, a normally-white LCD panel, and a normally-black LCD panel. A thickness of the normally-white LCD panel is not the same as a thickness of the normally-black LCD panel, and an optical compensation film is installed between the first polarizer and the liquid crystal layer of the normally-black LCD panel and/or between the second polarizer and the liquid crystal layer of the normally-black LCD panel in order to compensate for a dispersion occurred when the liquid crystal layer of the normally-black LCD panel is in a dark mode. In this way, the present invention can not only shorten the response time of the shutter glasses to reduce the power consumption, but also reduce the 3D crosstalk.