A flexible touch panel electrode structure is provided, which includes: a substrate; a plurality of sensing electrodes and a plurality of drive electrodes disposed on the substrate respectively; a plurality of compensation electrodes which are staggered with the drive electrodes in position and compensate for at least one of the drive electrodes; and a control part coupled to the sensing electrodes, the drive electrodes, and the compensation electrodes. The compensation electrodes are grounded, and when the drive electrode malfunctions, the control part performs a switching operation to replace the drive electrode with the compensation electrode.