Provided are a pixel circuit, a display panel, and a compensation method of a reference voltage of a pixel circuit, including a plurality of pixel internal driving circuits arranged in an array. The internal driving circuit of each pixel includes: a first thin film transistor (T1), a second thin film transistor (T2), a fourth thin film transistor (T4), a first capacitor (C1), an organic light emitting diode (D1), and a compensation module. By setting the compensation module, the compensation module is connected to a scan signal (EM). An end of the compensation module is connected to a first node (G), and another end of the compensation module is connected to a power supply voltage (VDD). The compensation module is configured to compensate a potential drop of the first node (G) due to coupling of the first capacitor (C1).