The invention provides a display panel and a display device. The display panel comprises a plurality of sub-pixels, each sub-pixel comprises a display unit, each display unit comprises a first electrode, a second electrode and a liquid crystal layer, a first black matrix graph is arranged on one side of each first electrode, a second black matrix graph is arranged on one side of each second electrode and provided with an opening, and the first black matrix graph corresponds to the opening. When an electric field is generated between each first electrode and the corresponding second electrode, a liquid crystal layer between each first electrode and the corresponding second electrode can refract collimated rays emitted from the opening, so that at least part of the refracted rays bypasses the first black matrix graph and exits from the display panel. When the electric field is not generated between each first electrode and the corresponding second electrode, the first black matrix graph can completely shade the collimated rays emitted from the opening. Gray scale display can be finished without polarizing films, the cost of the display device can be reduced, and light effect loss of the display device is decreased.