Disclosed are a touch display panel and a display device. The touch display panel includes common electrodes, pixel electrodes, a processing module, at least one first magnetic sensing electrode and at least one second magnetic sensing electrode. The at least one first magnetic sensing electrode is disposed on the same layer as the common electrodes and configured to sense magnetic field variation in a first direction (X) and generate corresponding magnetic sensing signals; and the at least one second magnetic sensing electrode is disposed on the same layer as the pixel electrodes and configured to sense magnetic field variation in a second direction (Y) and generate corresponding magnetic sensing signals. An angle between the first direction (X) and the second direction (Y) is a non-zero angle. The processing module is configured to generate touch signals according to the magnetic sensing signals.