Provided are an array substrate, a manufacturing method thereof and a display panel; the array substrate includes a thin film transistors disposed on a base substrate, and a conductive channel of the thin film transistor is formed on a contact surface of the first semiconductor layer and the second semiconductor layer. It can avoid the interface defect state caused by the material difference when the existing conductive channel is formed on the side of the semiconductor layer close to the insulating layer, thereby solving the problem of poor lighting stability in the existing oxide semiconductor thin film transistor.