A display panel includes a first substrate, a second substrate, signal lines, sub-pixels, and at least one thickness adjusting layer. The second substrate is disposed above the first substrate and has a transparent electrode layer thereon. The signal lines are disposed on the first substrate. The sub-pixels are arranged between the first and second substrates. The sub-pixels are electrically connected with the signal lines, and parts of them have at least one transparent area and at least one reflective area. The transparent area has a transparent electrode therein, and the reflective area has a reflective electrode therein, respectively. The thickness adjusting layer is disposed above the reflective electrode and located at the reflective area of the part of the sub-pixels.