Transparent display is one of the most promising concepts among the next generation information display devices. Nevertheless, conventional transparent displays have two inherent problems: low forward light efficiency due to the light being emitted also in a backward direction; and low legibility due to the visual interruption caused by the light coming from the background. In this work, a cholesteric liquid crystal (Ch-LC) based, actively operational blind panel is combined with transparent organic light-emitting diodes (TR-OLEDs) to recycle the light wasted by backward propagation in transparent displays while blocking the light from behind the display, pursuing both improved forward light efficiency and enhanced image legibility. By tuning the reflectance spectrum of the Ch-LC panel to match the emission spectrum of TR-OLEDs, we achieved luminous efficiency increase by as large as 21% (85%) when the top metal cathode side (the bottom ITO side) of the OLEDs fa'transparent OLED' ces the blind panel. Maximum transmittance of the proposed device reached a high value of 60%, successfully demonstrating a new window-like transparent display concept.