A method of manufacturing a display panel and the display panel are provided. The method of manufacturing the display panel includes providing a substrate; depositing a transparent electrode layer and a first metal layer on the substrate, and etching the transparent electrode layer and the first metal layer to form a light-shielding layer and an anode; forming a buffer layer, an oxide layer, and an insulating layer on the light-shielding layer in sequentially, and the buffer layer and the insulating layer are formed by a same photomask; depositing a second metal layer on the insulating layer and etching the second metal layer to form a source, a gate, and a drain; and forming a pixel defining layer, a light-emitting layer, and a cathode layer on the second metal layer in sequentially.