Abstract: A display panel includes a first substrate, a second substrate, and an electrophoretic layer and a conductive adhesive layer that are located between the first substrate and the second substrate. The first substrate includes a common electrode layer and a color light-filtering layer that are stacked. The second substrate includes a pixel electrode layer. The electrophoretic layer is disposed on a surface of the color light-filtering layer or the common electrode in the first substrate. The electrophoretic layer includes a conductive optical adhesive film and a plurality of electrophoretic units. The electrophoretic units are distributed in the conductive optical adhesive film. The conductive optical adhesive film is directly bonded to the color light-filtering layer or the common electrode. There is no other adhesive layer between the electrophoretic layer and the first substrate. The conductive adhesive layer is disposed between the electrophoretic layer and the second substrate.