A display panel, including a circuit substrate, a light emitting diode, and a reflective layer, is provided. The light emitting diode includes a light emitting layer and first and second semiconductor layers. The light emitting layer is located between the first and second semiconductor layers. The second semiconductor layer is located between the first semiconductor layer and the circuit substrate. The reflective layer is in contact with a part of a side surface of the light emitting diode. A part of the reflective layer is located between the light emitting diode and the circuit substrate. Taking a direction perpendicular to a top surface of the circuit substrate as a height direction, a horizontal height of a top surface of the reflective layer is located between a horizontal height of a top surface of the light emitting layer and a horizontal height of a top surface of the light emitting diode.