A display panel has a display area and a peripheral area. The peripheral area is located outside the display area. The display panel includes a first substrate, a second substrate, and a display medium layer. The second substrate is located above the first substrate and includes a first polarization layer, a first quarter wave plate (QWP), a reflection layer, and a pixel array. The first polarization layer is located within the display area and the peripheral area and includes a wire-grid polarizer. The first QWP is located within the peripheral area. The reflection layer is located within the peripheral area, in which the first QWP is located between the first polarization layer and the reflection layer. The pixel array is at least located within the display area. The display medium layer is located between the first substrate and the second substrate.