A reflective display panel and a display device are provided. The reflective display includes: a first liquid crystal cell including a first substrate and a second substrate oppositely arranged to each other, and a first liquid crystal layer between the first substrate and the second substrate; a plurality of pixel units on the first substrate, where each pixel unit includes a first sub-pixel unit and a second sub-pixel unit; an optical structure, arranged at a light-emitting side of the first liquid crystal cell and covering the pixel units.