The disclosure discloses a display panel and a display device. The display panel includes: a base substrate, a reflecting layer, a dielectric grating layer, a filter layer, and a color filter layer including a first color filter element for transmitting light rays in a first color, a second color filter element for transmitting light rays in a second color, and a third color filter element for transmitting white light; the filter layer is configured to transmit light rays in first and second colors, and to reflect light rays in a third color; the dielectric grating layer includes a grating element corresponding in position to the third color filter element, and configured to reflect light rays in the first color transmitted through the filter layer to the first color filter element, and to reflect light rays in the second color transmitted through the filter layer to the second color filter element.