A pixel circuit, an organic electroluminescent display panel and a display device, in a reset and compensation phase, a charge control module of the pixel circuit makes a data signal end and the first input end of a reset control module switch on, and the reset control module resets the control end and a output end of a drive module and compensates reference voltage; in a data writing phase, the charge control module writes the data signal inputted by the data signal end to the first input end of the reset control module; in a light-emitting phase, a light-emitting control module makes the output end of the drive module and the input end of the light emitting device switch on and drives the light emitting device to emit light by integrating the data signal inputted into the drive module with the reference voltage signal compensated into the drive module, which realizes the effect that the drive current driving the light emitting device to emit light is irrelevant to the power supply voltage signal, eliminates the influence on luminous brightness of the light emitting device caused by IR drop of the power supply voltage signal inputted into the pixel circuits, and further guaranteeing the display effect of the display panel.