A display panel includes a flexible substrate, a first conductive layer, an insulating layer, a second conductive layer and a display layer. The flexible substrate includes a central area and at least one peripheral area. The first conductive layer is disposed on the flexible substrate. The insulating layer is disposed on the first conductive layer. The insulating layer includes a central insulating portion and at least one peripheral insulating portion. The peripheral insulating portion is located above the peripheral area. The central insulating portion is located above the central area. The peripheral insulating portion is more flexible than the central insulating portion. The second conductive layer is disposed on the insulating layer, and the insulating layer separates the first conductive layer from the second conductive layer. The display layer is disposed on the second conductive layer.