A method of fabricating a micro light emitting diode (LED) panel is provided. The method includes forming a semiconductor material substrate, forming a plurality of transistor devices, transferring and bonding the transistor devices onto a circuit substrate, and transferring a plurality of micro LED devices from a micro LED device substrate to the circuit substrate. The semiconductor material substrate includes a carrier, a release layer, an inorganic insulation layer, and a semiconductor material layer. The release layer is located between the carrier and the inorganic insulation layer. The semiconductor material layer is bonded to the release layer through the inorganic insulation layer. Electron mobility of the semiconductor material layer is greater than 20 cm2/V·s. The transistor devices are disposed on the release layer and are electrically connected to the circuit substrate. The micro LED devices are electrically connected to the transistor devices. A micro LED panel is also provided.