The invention discloses a display panel and a display device. The display panel comprises a first substrate, a liquid crystal layer, a waveguide layer, a grating layer, a first electrode and a second electrode, the liquid crystal layer, the first electrode and the second electrode are positioned between the waveguide layer and the first substrate, the first electrode and the second electrode are used for adjusting the refractive index of the liquid crystal layer, the liquid crystal layer is used for controlling light emission from the waveguide layer in a coupling manner, the coupling light emission quantity of the waveguide layer is determined according to the difference between the refractive index of the waveguide layer and the refractive index of the liquid crystal layer, and the grating layer is used for controlling light with a special wavelength among the light coupled from the waveguide layer to be emitted in a special direction. A polarizing film and a color resistor set in the display panel are omitted, so that transmittance of the display panel is improved. As the polarizing film set in the display panel is omitted, the overall phase retardation quantity of the liquid crystal layer is not required, a liquid crystal box can be thin, and the response time of liquid crystals is prolonged.