A semi-transmissive in-plane switching (IPS) mode liquid crystal display (LCD) panel, in which each pixel region can exhibit the same luminance in transmissive and reflective portions thereof while having a single cell gap structure, is disclosed. A method for fabricating the semi-transmissive IPS mode LCD panel is also disclosed. The panel, in which each pixel region includes a transmissive portion and a reflective portion, comprises a color filter substrate, a thin film transistor substrate assembled with the color filter substrate such that a cell gap is defined between the thin film transistor substrate and the color filter substrate, the thin film transistor substrate including storage capacitors each forming, in the reflective portion of an associated one of the pixel regions, a horizontal electric field different from a horizontal electric field formed in the transmissive portion of the associated pixel region, to compensate for a phase difference generated in the associated pixel region, and a liquid crystal layer dispensed in the cell gap, and oriented in a predetermined direction.