A display panel includes a peripheral region adjacent to a display region. The display region includes a hole peripheral region, and a recessed region is overlapped with the hole peripheral region. The display panel also includes a barrier layer with a penetrating opening overlapped with the recessed region, a circuit layer on the barrier layer and including a transistor and insulating layers, and a device layer including an organic light emitting area coupled to the circuit layer. In addition, a module hole is overlapped with the hole peripheral region and penetrates the base substrate, and a first groove is overlapped with the hole peripheral region and corresponds to a portion of the base substrate that is recessed from a top surface of the barrier layer and that encloses the module hole. The insulating layers include inorganic layers and an organic layer having side portions enclosing the module hole.