The present invention discloses a light emitting diode and a manufacturing method thereof, and a light emitting diode display panel, belonging to the technical field of display. The method comprises the steps of: forming a first electrode structure on a bearing plate; forming at least two light emitting diode chips on the bearing plate with the first electrode structure; and forming a second electrode structure on the bearing plate with at least one light emitting diode chips, wherein the second electrode structure comprises at least two second electrodes. The light emitting diodes configuredto emit at least two color lights are formed on the bearing plate to allow the light emitting diodes configured to emit different colors not to be formed on different bearing plates. The light emitting diodes configured to emit at least two color lights on the bearing plate are transferred to a circuit board to form a light emitting diode display panel. The problem is solved that the process of transferring the light emitting diodes to the circuit board is complex in the prior art. The effect is achieved that the light emitting diodes can be rapidly transferred to the circuit board.