A pixel circuit and a method of driving the same, and a display panel. The pixel circuit includes a drive circuit, a data writing circuit, a compensating circuit, a reset circuit and a first light emitting control circuit. The drive circuit is configured to control a drive current for driving a light emitting element to emit light; the data writing circuit is configured to write a data signal to the first terminal of the drive circuit; the compensating circuit is configured to compensate the drive circuit; the reset circuit is configured to apply a reset voltage to the control terminal of the drive circuit and the first terminal of the light emitting element; the first light emitting control circuit is configured to apply a first voltage of the first voltage terminal to the first terminal of the drive circuit.