The disclosure provides a display substrate and a display device. The display substrate comprises a base, multiple color filters, and multiple spacers formed on the base; at a position corresponding to at least one spacer, at least one of two adjacent color filters has a bending part at an adjacent border close to the other color filter; wherein at least one bending part is a protrusion adapted to cause the spacer to be located inside the border of a corresponding color filter, and projection of the bottom surface of the spacer on the side close to the base on the base does not overlap projection of any of the borders of the two adjacent color filters on the base. The borders of the two color filters are not under the spacer, such that the region corresponding to the spacer is flat, which is conducive to stably arranging the spacer.