A stretchable display panel and a display device are provided in the present disclosure. The stretchable display panel includes a plurality of display islands arranged in an array and a plurality of stretch bridges each connecting to two adjacent display islands, and further includes a display function layer and a touch control electrode layer. The display function layer and the touch control electrode layer are both disposed on a display island of the plurality of display islands; and an orthographic projection of the touch control electrode layer on the display island at least partially surrounds an orthographic projection of the display function layer on the display island.