Provided are a display panel and a display device having a micro-cavity structure with transflective layers. The display panel includes a first display region, a second display region, a base substrate, a thin film transistor array layer and a pixel definition layer. A pixel density of the first display region is greater than a pixel density of the second display region. The thin film transistor array layer is disposed on a side of the base substrate. The pixel definition layer is disposed on a side of the thin film transistor array layer facing away from the base substrate and includes multiple openings. The second display region includes multiple light emitting regions and multiple light transparent regions. A part of the openings of the pixel definition layer form the light emitting regions. At least one micro-cavity structure is arranged in each of the multiple light transparent regions.