The disclosure relates to a flexible display substrate including: a flexible base substrate, and a trace layer arranged on the flexible base substrate, wherein the trace layer includes a first trace layer and a second trace layer, an insulating layer is arranged between the first trace layer and the second trace layer, the insulating layer comprises through-holes, the first trace layer and the second trace layer are electrically connected with each other through the through-holes, the first trace layer includes a first trace, and the second trace layer includes a plurality of discrete second traces.