Although sexual selection is an important cause of display evolution, in socially monogamous species (e.g. many birds), displays continue after formation of the pair bond. Here, we consider that these displays evolve because they stimulate the partner to increase investment in offspring. Our study is motivated by elaborate mutual displays in species that are largely monomorphic and have long-term pair bonds (e.g. the great crested grebe, Podiceps cristatus ) and by many empirical results evidencing that display manipulation affects parental investment. Using population genetic models, we show that a necessary condition for the permanent establishment of mutual displays in the pair bond is that the benefit of investment by the pair is more than twice that resulting from investment by a single individual. Pre-existing biases to respond to displays by increased investment are a necessary component of display evolution. We also consider examples where one sex (e.g. males) stimulates increased investment in offspring by the other sex. Here, display and additional investment cannot evolve permanently, but can increase and linger at high frequency for a long time before loss. We discuss how such transient effects may lead to the evolution of permanent displays as a result of evolution at additional loci.