The present disclosure provides an electronic paper touch panel, its controlling method and a display device. The electronic paper touch panel includes a first substrate where a first electrode layer is formed, a second substrate where a second electrode layer is formed, and an electronic ink layer arranged between the first electrode layer and the second electrode layer. The second electrode layer on the second substrate includes a plurality of electrode units arranged separate from each other, and each electrode unit is connected to a signal line. The signal line is configured to input a touch signal to each electrode unit at a touch time period, and input a display signal to each electrode unit at a display time period.