The invention provides an etching solution and an etching device. The etching solution comprises hydrogen peroxide, a regulating agent, a stabilizer, organic acid, an inhibitor, a de-foaming agent, alcohol substances and deionized water. The etching device comprises a storage part for storing the etching solution, a detecting part for detecting whether gas bubbles exist in the etching solution inthe storage part or not, a generating part for generating ultrasonic waves to clear gas bubbles while the detecting part detects the gas bubbles to obtain the etching solution with gas bubbles removed, and a spray nozzle for coating the etching solution with gas bubbles removed onto a base plate for etching the base plate. According to the scheme adopted by the invention, the etching solution doesnot comprise fluorine, avoids corrosion on the base plate, and increases the yield of a display panel.