Provided are a flexible display panel, a manufacturing method thereof, and a display device. The flexible display panel includes: a flexible substrate including a first surface and a second surface opposite to each other and a through hole that penetrates the flexible substrate in a direction from the first surface to the second surface; an organic coating layer disposed on a hole wall of the through hole; and a thin film transistor layer, a pixel unit and a thin film encapsulation layer that are stacked on the first surface, wherein orthographic projections of the thin film transistor layer and the pixel unit on the second surface are disposed at a side of an orthographic projection of the through hole on the second surface, and the thin film encapsulation layer extends along a side of the organic coating layer distal from the hole wall. By providing the organic coating layer, a contact area of direct contact between the thin film encapsulation layer and a glass substrate at a shielding position is reduced, such that the difficulty in separating the flexible substrate from the glass substrate is reduced.