A display panel includes a first substrate, a second substrate, a display medium layer, pixel units, and a light-shielding conductive pattern layer. The first substrate has a first inner surface and a first outer surface, and the first outer surface serves as a display surface of the display panel. The second substrate is disposed opposite to the first substrate and has a second inner surface and a second outer surface. The display medium layer is disposed between the first inner surface and the second inner surface. The pixel units are disposed between the display medium layer and the first inner surface, and at least one of the pixel units includes an active element. The light-shielding conductive pattern layer is disposed between the display medium layer and the second inner surface, at least partially overlaps the active element in a vertical projection direction, and includes a first patterned light-shielding conductive layer and a first patterned low-reflection layer. The first patterned light-shielding conductive layer is disposed between the first patterned low-reflection layer and the second substrate.