A display panel includes a display device, an optical absorbing layer, an anti-reflection structure and a cover layer. The display device includes a plurality of pixels. The optical absorbing layer is over the display device and configured to absorb a light within a wavelength range. The anti-reflection structure is over the pixels of the display device, wherein the anti-reflection structure includes a photo-sensitive alignment layer, a liquid crystal circular polarizer and a linear polarizer. The photo-sensitive alignment layer is over the optical absorbing layer, wherein the photo-sensitive alignment layer is sensitive to and curable by the light within the wavelength range. The liquid crystal circular polarizer is over the photo-sensitive alignment layer, wherein the liquid crystal circular polarizer includes a plurality of liquid crystal molecules aligned by the photo-sensitive alignment layer. The linear polarizer is over the liquid crystal circular polarizer. The cover layer is over the anti-reflection structure.