A multi-grayscale pixel driving circuit and a display panel are provided. A driving module, a light emitting module, and a light emitting control module are coupled in series between a first electrode and a second electrode in the multi-grayscale pixel driving circuit. A light emitting situation of using the driving module and the light emitting control module to control the light emitting module to emit light according to a preset time sequence allows the light emitting module to realize multi-grayscale displays of low grayscale or high grayscale, greatly improving a grayscale number for displaying in the display panel.