The present disclosure relates to a display panel and a display device. The display panel includes: a beam splitting member disposed between a light extracting member and a liquid crystal layer, for splitting the light extracted from the light extracting member into linearly polarized lights with polarization directions perpendicular to each other; and a modulating member disposed on a side of the beam splitting member away from the light extracting member, for modulating the linearly polarized light that is incident from the beam splitting member into the liquid crystal layer.