A display panel includes a first substrate, a display layer, a second substrate and a water-proofing frame. The first substrate has a view area and a ring-shaped through trench and includes a first base, a first metal layer, a gate-insulating layer, a second metal layer, a semiconductor layer, a bibulous insulating layer and a pixel-electrode layer. The gate-insulating layer is disposed between the first and the second metal layers. The bibulous insulating layer is disposed on the second metal layer and the gate-insulating layer. The ring-shaped through trench passes through the bibulous insulating layer and the part of the gate-insulating layer exposed by the second metal layer and surrounds the view area. The water-proofing frame is disposed at the ring-shaped through trench, connects the first substrate and the second substrate and encloses a wet-proof space between the first substrate and the second substrate. Besides, another display panel is also provided.