Provided are a light emitting diode, a display substrate and a transfer method. The transfer method includes: preparing a transfer substrate and the display substrate respectively, wherein the transfer substrate includes a plurality of light emitting diodes arranged in a matrix; aligning the transfer substrate with the display substrate, wherein first magnetic layers of the light emitting diodes on the transfer substrate correspond to second magnetic layers of the sub-pixels on the display substrate one by one; and driving the transfer substrate to approach the display substrate, so that the light emitting diodes on the transfer substrate are positioned to fall onto the sub-pixels of the display substrate by action of magnetic attraction forces generated by the first magnetic layers and the second magnetic layers.