A driving circuit and a display panel are provided. The driving circuit includes a pixel circuit and a demultiplexing circuit. The pixel circuit includes a driving transistor, a light-emitting device, and a data writing module. The driving transistor is connected between a first power signal terminal and the light-emitting device in series, to generate a driving current. The data writing module is connected between the driving transistor and the demultiplexing circuit in series, to provide a data signal to the driving transistor. An output terminal of the demultiplexing circuit is connected to an input terminal of the data writing module through a data line. The demultiplexing circuit is configured to write the data signal to the data line when the driving transistor is performing threshold compensation.