A panel assembly includes multiple base boards, multiple cover panels, multiple shelves and multiple accessories so as to be fixed to a wall. The multiple base boars and the multiple cover panels define a path, a space and a gap. The path, the space and the gap communicate with each other. Sand the shelves or the accessories are inserted into the path, the space and gap. The panel assembly can be quickly assembled and replaced to change the arrangements and suitable for decoration and display or storage.