An array substrate and a manufacturing method thereof, and display panel are disclosed. The array substrate includes a substrate, a thin film transistor disposed on the substrate and a common electrode disposed on a side of the thin film transistor away from the substrate. The common electrode includes a first hollowed-out portion. An active layer of the thin film transistor includes a source electrode region, a drain electrode region and a channel region. An orthographic projection of the first hollowed-out portion on the substrate at least covers an orthographic projection of the channel region on the substrate.