A panel system having a drainage and sealing system, wherein the panel system is constructed as e.g. a panel fillet or a major panel surface to be mounted in a pitched roof or in a facade, the panel system comprising at least one fixed panel (1) together with at least one openable panel (2), each panel comprising a frame composed of frame members (11-14, 22, 24) bordering a panelling element (32) between them, in which, between adjacent frame members of at least the openable panel and a panel laterally adjacent to the openable panel, at least one external rain shield (38, 58, 59) and an internal sealant strip (45, 65) extend over a major part of the length of the adjacent frame members, and between the external rain shield and the internal sealant strip, at least one internal drain trench (44, 64) is provided for drainage of water, characterized in that the external rain shield is designed as a separate flexible external sealant strip (38, 58, 59) and that the internal drain trench (44, 64) is provided on a separate drain element (40, 60) extending in parallel to and at a distance from the external sealant strip (38, 58, 59).