A display panel includes a first base substrate that includes an upper surface to which an external light is incident and a lower surface facing the upper surface and includes a plurality of pixel areas and a peripheral area adjacent to the pixel areas when viewed in a plan view, a plurality of pixels disposed on the lower surface of the first base substrate to respectively correspond to the pixel areas, and a black matrix layer disposed between the pixels and the lower surface of the first base substrate to overlap the peripheral area. The black matrix layer includes a low reflection layer disposed on the lower surface of the first base substrate and a light blocking layer disposed on the low reflection layer.