The present disclosure provides a display panel and a manufacturing method of the display panel, the display panel includes a base substrate, a pixel definition layer, and a color conversion medium; the pixel definition layer and the color conversion medium are successively formed on the base substrate; a pixel opening is defined on the pixel definition layer, the color conversion medium is positioned in the pixel opening; the color conversion medium includes a perovskite color conversion functional layer and a first water-oxygen barrier layer; the first water-oxygen barrier layer is positioned on a side of the perovskite color conversion functional layer away from the base substrate.