The invention relates to the display technology field, and provides a protective film and a manufacturing method, a flexible panel and the manufacturing method, and a display device. The protective film is attached to a flexible substrate, the flexible substrate includes a straight area and a bent area, the protective film includes a protective film body, and a plurality of blind holes are arranged in one surface, attached to the flexible substrate, of the protective film body. When the protective film is attached to the flexible substrate, an orthographic projection of one part of the blind holes in the flexible substrate is located in the bent area, and the orthographic projection of the other part of the blind holes in the flexible substrate is located in the straight area. The protective film forms negative pressure through the blind holes to be attached to the flexible substrate, bonding through an adhesive layer is not needed, ashes cannot be generated in a laser cutting process,problems of a short circuit and the like are avoided, and a percent of pass is increased. When the protective film is bent towards one side of the blind holes, the blind holes can provide an extrusion space for the protective film, and when the protective film is bent towards one side deviating from the blind holes, the blind holes can provide an extension space for the protective film so that astress of a bending area is reduced, and potential quality hazards are decreased.