Disclosed are a spatial light modulator and a display device, where 2*2 adjacent pixel electrodes are a pixel group, through-holes corresponding to the respective pixel electrodes are located proximate to the center of the pixel group, and a photo spacer is located at the center of the pixel group, so that the photo spacer can overlap with the through-holes, or the photo spacer can be arranged in close proximity to the through-holes. If the photo spacer overlaps with the through-holes, then a black matrix layer covering the photo spacer, and a black matrix layer covering the surrounding of the photo spacer may cover at least a part of the through-holes; and if the photo spacer is arranged in close proximity to the through-holes, then the black matrix layer covering the surrounding of the photo spacer may cover at least a part of the through-holes.