The present disclosure has disclosed a semiconductor material, light-emitting device, display panel and display device. The semiconductor material comprises: at least two of an oxide of a first element, an oxide of a second element, an oxide of a third element, an oxide of a fourth element and a compound of fifth element, and comprises at least the oxide of the first element and the compound of the fifth element; the first element comprises at least one of In, Zn, Sn, Cd, Tl and Pb; the second element comprises at least one of Ta, Ga, W, Ba, V, Hf and Nb; the third element comprises at least one of Sn, Zr, Cr and Si; the fourth element comprises at least one of Zn, Al, Sn, Ta, Hf, Zr and Ti; and the compound of the fifth element comprises MxA.