Abstract: The present invention discloses a touch panel, which includes a substrate, a plurality of first axis electrodes, a plurality of second axis electrodes and an insulation structure. The first axis electrodes are disposed on the substrate along a first direction and each of the first axis electrodes includes a plurality of first sub electrodes and a plurality of connection structures. Each of the connection structures is at least partially disposed between each of the first sub electrodes and the substrate, and is electrically connected to two adjacent first sub electrodes. Each of the connection structures includes a first metal layer and a low reflective layer disposed between the substrate and the first metal layer. The low reflective layer of the present invention is applied to reduce the visibility of the connection structures, as well as to enhance the reliability of the touch panel.