A display substrate, a method of forming the same and a display device are provided. The display substrate includes: a base substrate, and a light shielding layer, a first insulating layer, a first metal layer, a second insulating layer and a light emitting device stacked in sequence on the base substrate; where the second insulating layer has a first groove and a second groove, and a portion of the second insulating layer between the first groove and the second groove forms a barrier structure; the first groove is at a side of the barrier structure adjacent to the light emitting device with respect to the second groove; the first metal layer includes a signal line at a side of the first groove away from the barrier structure and a connection terminal at a side of the second groove away from the barrier structure; the light shielding layer includes a connection lead through which the signal line and the connection terminal are electrically connected.