A display device includes a display panel and a light source for outputting a first color light to the display panel. The display panel includes a first display substrate, a second substrate facing the first substrate, and a liquid crystal layer disposed between the first display substrate and the second substrate. The second display substrate includes a base substrate, a color filter layer including a plurality of color filters spaced apart from each other on the base substrate, a color conversion layer including a plurality of dams, and a plurality of conversion parts overlapping the color filters, disposed on the base substrate, and disposed between the plurality of dams, a reflection layer disposed on the dams, and a hydrophobic area disposed on the reflection layer, overlapping an upper surface of the dams, and non-overlapping a side surface of the dams.