A transparent display panel with a light-transmitting substrate, a plurality of top-emitting micro light emitting diodes, a plurality of bottom-emitting micro light emitting diodes, and a light shielding layer. The light transmissive substrate has a surface. These top-emitting micro light emitting diodes and these bottom-emitting micro light emitting diodes are disposed on the surface of the light transmissive substrate. The bottom-emitting micro light emitting diodes has an epitaxial structure and a light shielding member, the epitaxial structure has a pair of upper and lower surfaces on the opposite sides, the lower surface faces toward the light transmissive substrate, and the light shielding member is disposed on the upper surface to shield the light emitted by the bottom-emitting micro light emitting diodes towards the upper surface.