A stretchable display panel, a preparation method therefor, and a display apparatus, relating to the technical field of display. Wherein the stretchable display panel includes an island region (01) disposed with a display apparatus (A), a bridge region (02) disposed with wiring (B), and a hole-region (03). A separation region (10) is disposed at an edge of the island region (01) and/or an edge of the bridge region (02). The separation region (10) includes a slope layer (11) and a plurality of isolation columns (12) disposed along a slope plane of the slope layer (11).