The present disclosure provides a counter substrate, a display panel, a display device, and fabricating method, further simplifying the fabricating process of the display panel by reducing the number of masking times required during the making of a spacer pattern and a frame light shielding pattern while achieving the frame light shielding function of the counter substrate and getting the counter substrate conductive with an array substrate. The fabricating method of the counter substrate comprises: forming a transparent electrode layer on a first base substrate; forming a black spacer pattern and a frame light shielding pattern at the same time on the transparent electrode layer, wherein the frame light shielding pattern comprises a first via hole that exposes a portion of the transparent electrode layer; and forming a conductive light shielding layer pattern in the first via hole.