The present disclosure provides a stretchable display panel and a display device. The stretchable display panel includes: a flexible substrate which is divided into a plurality of display areas and non-display areas located between the display areas; wherein the display areas include light-emitting devices and driving circuits coupled to the light-emitting devices; and the non-display areas include wiring areas and a plurality of opening areas located between the wiring areas, the wiring areas include wires coupled to the driving circuits, and the opening areas are of a hollow structure. The plurality of opening areas are formed in the non-display areas, and the flexible substrate in the opening areas is of a hollow structure, that is, no film layer is reserved in the opening areas, thus when the display panel is stretched, the display panel can be stretched in any direction, and the stretching effect of the display panel is improved.