There is provided a display panel including: a light guide structure layer having a light exiting side and configured to enable internal light to be emitted from a preset position; a display structure layer on the light exiting side and including a light adjusting structure, a black matrix and a reflection matrix positioned on a side, away from the light guide structure layer, of the light adjusting structure, the light adjusting structure is configured to control light emitted from the preset position to enter an area where the black matrix is positioned and/or an area where the reflection matrix is positioned; a light absorption structure layer on a side of the light adjusting structure away from the black matrix and configured to absorb light reflected by the black matrix and allow light reflected by the reflection matrix to pass through. A display device is further provided.