A display panel including a first substrate, a second substrate, a first display medium layer, a polarizing layer, and a second display medium layer is provided. The first display medium layer is disposed between the first substrate and the second substrate. The first display medium layer includes a first base material and a plurality of first encapsulated particles immobilized in the first base material. The average size of the first encapsulated particles is 1 nm to 400 nm. The polarizing layer is disposed between the first display medium layer and the second substrate. The polarizing layer is in contact with the first display medium layer. The second display medium layer is disposed between the polarizing layer and the second substrate.