A method of manufacturing a display substrate which includes a central display area and an arc-shaped stretch area located at a corner of the central display area, wherein the method includes: preparing a substrate to be etched, which includes a flexible substrate, a stack structure disposed on the flexible substrate, and a last-dry-etched metal layer disposed on a side of the stack structure away from the flexible substrate, the stack structure including an active layer, at least one conductive layer, and a plurality of insulating layers, wherein the last-dry-etched metal layer is a last metal layer that is formed through dry etching; and forming a stretch groove by patterning the substrate to be etched, wherein the stretch groove is disposed in the stretch area and passes through the stack structure and a part of the flexible substrate. A display substrate, a display panel and a display device are further provided.