Embodiments of the present disclosure provides an array substrate and a manufacturing method thereof, a display panel. The array substrate includes: a base; a pixel electrode and a thin film transistor disposed on the base; a passivation layer covering the thin film transistor and the pixel electrode, the passivation layer being provided with a transferring through hole that simultaneously exposes the pixel electrode and a drain electrode or a source electrode of the thin film transistor; a connection electrode disposed on the passivation layer and at the transferring through hole, the connection electrode connected with the pixel electrode, and the drain electrode or the source electrode through the transferring through hole.