The invention provides a display substrate, a display panel, a display device and a manufacturing method and relates to the technical field of display. The display substrate comprises a substrate base plate, a color filter formed on the substrate base plate, a black matrix, and a shading graph. An orthographic projection of the shading graph on the substrate base plate falls in an orthographic projection of the black matrix on the substrate base plate, the perpendicular distance between at least part of the shading graph and the substrate base plate is larger than the perpendicular distance between the color filter and the substrate base plate. The display substrate is provided with the shading graph protruded out of the color filter, the shading graph can shade part of lateral display light of other pixels for a pixel area corresponding to the color filter, so that when a user skews at a display picture, a light leakage phenomenon cannot be nosed out, and the problem of cross color of the display picture is effectively solved.