A display panel and a method of manufacturing the same are disclosed. In one aspect, the display panel comprises a first substrate, a switching element formed over the first substrate, a planarization insulating layer having a via hole that at least partially exposes the switching element, and a light-emitting structure including a first electrode connected to the switching element through the via hole. The display panel also includes a spacer having a trench configured to alter the path of external light reflected off the light-emitting structure, wherein the spacer at least partially covers the first electrode and the planarization insulating layer. The display panel further includes a second substrate formed over the spacer, wherein the spacer is interposed between the first and second substrates.