A reflective display panel is provided. The reflective display panel includes a liquid crystal layer, an upper substrate including a color filter and a transparent substrate, and a lower substrate including an absorption plate which faces a color filter and a reflection plate which faces a transparent substrate. The absorption plate absorbs a first external light, having penetrated the liquid crystal layer via the color filter, when a first voltage is supplied between the color filter and the absorption plate, and the reflection plate reflects a second external light, having penetrated the liquid crystal layer via the transparent substrate, when a second voltage is supplied.