The present application relates to a backlight board, a manufacturing method, and a display panel. A substrate of the backlight board carries a reflective layer, a white oil layer, soldering pads, and lamp beads. Windows are defined in the white oil layer. Soldering pads are disposed in the windows. The lamp beads are electrically connected to the soldering pads. The reflective layer is configured to reflect light emitted from the electrified lamp beads, which achieves reflection of light emitted from the lamp beads to the reflective layer, improvement of reflectivity of the backlight board, and enhancement of a light usage rate of the backlight board.