The present disclosure provides an organic electroluminescent device and a display panel. The organic electroluminescent device includes a first electrode, a second electrode and a light-emitting layer disposed between the first electrode and the second electrode; a functional electrode is disposed on a side of at least one of the first electrode and the second electrode away from the light-emitting layer; the functional electrode includes a first layer-stacked structure including a plurality of first light-transmitting layers and at least one second light-transmitting layer; the first and second light-transmitting layers are stacked alternately; in the first layer-stacked structure, both the layer closest to the light-emitting layer and the layer farthest from the light-emitting layer are the first light-transmitting layers; a refractive index of the first light-transmitting layer is greater than a refractive index of the second light-transmitting layer.