There are disclosed a semi-transmissive, semi-reflective display panel, a method of manufacturing the same and a display device. The semi-transmissive, semi-reflective display panel includes a display substrate having a transmissive region and a reflective region, and an optical device. The optical device includes a first reflective portion and a second reflective portion; the first reflective portion is configured to reflect the light irradiating the reflective region of the display substrate from a backlight source to the second reflective portion; and the second reflective portion is configured to transmit the light irradiating the transmissive region of the display substrate from the backlight source and reflect the light reflected from the first reflective portion to the transmissive region of the display substrate.