The invention discloses a flexible display panel and a display device. The flexible display panel comprises a flexible substrate, an array layer which is located above the flexible substrate, a display layer which is located on the side, away from the flexible substrate, of the array layer and comprises multiple illuminating members, and a shielding membrane located on the side, away from the array layer, of the flexible substrate; the flexible display panel comprises a bendable region, and at least multiple hollowed-out parts are arranged on the part, located on the shielding membrane, of thebendable region. The flexible display panel has the advantages that the bending strain when the flexible display panel is bent can be relieved to prevent bending lines from being generated by the flexible display panel in the bending region, and therefore the reliability of the performance of the flexible display panel is ensured.