The invention discloses a liquid crystal composition, and a liquid crystal display element or display thereof. The liquid crystal composition contains a compound represented by general formula I, a compound represented by general formula II, and a compound represented by general formula III; and in the general formula I, the general formula II and the general formula III, R1 and R3 are C2-5 linear alkyl groups, R2 represents a C2-5 linear alkyl group or a C2-5 alkenyl group, R4 represents H or a C1-3 linear alkyl group, and X1 and X2 represent H or F. The liquid crystal composition has the advantages of fast response speed, large dielectric anisotropy, moderate optical anisotropy and good light and heat stability, and is especially suitable for being used in IPS liquid crystal display devices.