A display panel includes an inner frame, a backlight module, an outer frame, and a light modulation module. The inner frame includes an inner surface forming a light guide plate accommodating area in a surrounding manner. The backlight module includes a light guide plate and a first optical film. The light guide plate is disposed in the light guide plate accommodating area, and the first optical film is carried on the inner frame. The outer frame includes a bottom portion and a sidewall portion that are connected to each other, in which the bottom portion and the sidewall portion form a receiving area, and the inner frame and the backlight module are located in the receiving area. The light modulation module is disposed on the first optical film. An orthogonal projection of the light modulation module in a vertical direction completely falls within the light guide plate accommodating area.