A display device, a display panel, and a manufacturing method therefor are provided. The display panel includes a flexible substrate, a display layer on one side of the flexible substrate, and an encapsulation layer covering a surface of the display layer away from the flexible substrate. The display layer has a stretching area provided with a plurality of pixel islands spaced apart and a through-hole. A blocking dam is in an area corresponding to the pixel island and surrounds a plurality of light-emitting units. The encapsulation layer includes an organic layer that is in the stretching area and confined within an annular area surrounded by the blocking dam.