A display substrate, a display panel, a display device and a manufacturing method thereof are provided. The display substrate includes a display area and a non-display area. The display substrate further includes a base substrate; and a color resist layer and a light reflecting layer sequentially arranged on the non-display area of a first surface of the base substrate, wherein the first surface and a second surface of the base substrate are two surfaces opposite to each other and the second surface is located at a light exiting side of the display substrate.