A display panel includes a base substrate including a front surface and a rear surface and having first and second holes, and a pixel layer on the base substrate. A display area is defined in the front surface. The first hole overlaps with the display area and penetrates the front and rear surfaces. The second hole overlaps with the display area, is adjacent to the first hole, and is recessed from the front surface. The base substrate includes a first base layer including the rear surface, a first barrier layer on the first base layer and including first inorganic films having a first refractive index, and second inorganic films having a second refractive index, a second base layer on the first barrier layer, and a second barrier layer on the second base layer and including the front surface. The first and second inorganic films are alternately stacked.