The present application provides a display panel and a display device, the display panel includes a light extraction layer and a cover layer, wherein the light extraction layer is located on a side of the cover layer close to a pixel definition layer, a light modulation structure includes a plurality of light extraction units, each of the light extraction units includes a first sub-unit and a second sub-unit, wherein the light extraction layer includes a light extraction opening and the first sub-unit, the second sub-unit is located in the cover layer, and a refractive index of the first sub-unit is smaller than a refractive index of the second sub-unit.