Liquid crystals are known to exhibit a reversible color change by applying a direct current electric field, if a small amount of quaternary ammonium salts is dissolved into them. Applications of such an electrochromic liquid crystal cell have been proposed as interesting laser-addressed writing and image storage devices. Liquid crystal dispersions are composite materials formed by liquid crystal droplets embedded in either a polymer or a monomer matrix. Thin films of liquid crystal dispersions can be turned from an opaque to a transparent state by application of a suitable alternating current electric field. Herein, we report our investigations on electrolyte-liquid crystal dispersions, which show independent electro-optical and electrochromic properties characterized by fast bleaching times. This cell involves the reorientation of liquid crystal molecules, trapped in droplets, for the electro-optical changes from the opaque to transparent state and the formation of complexes at the cathode, between the positive ions of electrolyte and liquid crystal dispersed in the matrix, for the electrochromic changes from the bleached to colored state. The device is able to change its electro-optical transmittance within few milliseconds and its color within few seconds.