The present disclosure relates to a pixel compensation circuit and a method of driving the same, a display panel, and a display device. A pixel compensation circuit includes: a control sub-circuit, a write sub-circuit, a driving sub-circuit, and a light emitting sub-circuit, wherein the write sub-circuit is configured to, under the control of a scan signal terminal, transmit a data signal at a data signal terminal to the control sub-circuit and transmit a signal at a reference voltage signal terminal to the control sub-circuit; the control sub-circuit is configured to, under the control of a power control signal terminal, transmit a signal at a first power terminal to the driving sub-circuit, and under the combined action of a conduction control signal terminal and the power control signal terminal, control the driving sub-circuit to perform threshold compensation, and control the driving sub-circuit to generate a driving current to drive the light emitting sub-circuit to emit light.