Embodiments of the present disclosure disclose a display panel and a display device. The display panel includes: a base substrate, a light-emitting device located on the base substrate, a first flat layer located on a side of the light-emitting device away from the base substrate, and a black matrix located on a side of the first flat layer away from the base substrate, wherein the black matrix has a plurality of opening regions, and color filters are arranged in corresponding opening regions; the color filters are configured to filter external incident light; and the first flat layer has a plurality of first concave faces arranged corresponding to the opening regions, the color filters fill the first concave faces, and the color filters further cover peripheral regions of the first concave faces.