The present invention relates to a compound, a display panel and a display device. The compound has a structure represented by Formula I. The compound takes a spiro structure as a non-conjugated connecting unit, and a boron-containing group as an electron-accepting group. A light-emitting compound obtained by taking the group as a building block has a narrower half-peak width and higher color purity. The boron-containing spiro structure is connected with an electron-donating group to obtain a bipolar compound, and as a thermal activation delay fluorescence material, the bipolar compound can be used a light-emitting layer material, particularly a doped material, and can also be used as a fluorescent host material or a phosphorescent host material. The compound provided herein can achieve low drive voltages and high luminescence efficiencies when applied to organic electroluminescent devices.