An embodiment of the present application provides a display panel including a first substrate, a second substrate, barrier walls, and an electrophoretic material. The second substrate is disposed opposite to the first substrate, and the second substrate includes a substrate layer, a metal layer, a first protective layer, a nanoparticle layer, and a second protective layer arranged in a stack. The second protective layer is disposed on a side of the second substrate facing the first substrate. The barrier walls are disposed between the first substrate and the second substrate, a plurality of receiving spaces are defined by the barrier walls, the first substrate, and the second substrate, and the electrophoretic material is contained in each of the receiving spaces.