A color conversion substrate and a display device including the same. The color conversion substrate includes a color filter layer having a plurality of color filters, and a color conversion layer disposed on the color filter layer. The color conversion layer includes a plurality of dams, and a plurality of conversion parts disposed between the dams. A reflection layer is disposed on the dams, and a hydrophobic area is disposed on the reflection layer, overlapping an upper surface of the dams, and non-overlapping a side surface of the dams. The display device further includes a light source configured to output a first color light to the color conversion substrate.