A pixel circuit and driving method thereof, a display substrate and a display device are disclosed. The pixel circuit includes a light-emitting element, a drive element, a first switch element, a reset circuit and a compensating circuit. The drive element is connected to the light-emitting element and configured to drive the light-emitting element to emit light; the first switch circuit is configured to apply a data voltage to the drive element under control of a scan signal; the reset circuit is electrically connected to the compensating circuit, and configured to apply a reset signal to the compensating circuit under control of the scan signal; the compensating circuit is configured to compensate the drive element, so as to allow a signal output from the drive element to be relevant with the data voltage and the reset voltage and to be irrelative to threshold characteristic of the drive element.