Embodiments of the present disclosure provide a method of manufacturing a display panel and the display panel. The method of manufacturing the display panel includes providing an array substrate; forming an anode layer on the array substrate; forming a first pixel defining layer on the array substrate and the anode layer, wherein the first pixel defining layer includes a pixel opening exposing the anode layer; etching the first pixel defining layer to form a second pixel defining layer; forming a light-emitting layer covering the anode layer in an area of the pixel opening; forming a cathode layer on the light-emitting layer; and forming an encapsulation layer covering the cathode layer, the second pixel defining layer, and the array substrate.