The present disclosure provides a display panel and a manufacturing method thereof. The display panel includes a first substrate, a second substrate, a blue light emitting layer, and a single crystal perovskite color conversion layer. The single crystal perovskite color conversion layer includes red light single crystal perovskite units disposed on red subpixel areas and green light single crystal perovskite units disposed on green subpixel areas. The red light single crystal perovskite units receive blue light to emit red light, and the green light single crystal perovskite units receive blue light to emit green light.