Provided are a display substrate and a preparation method thereof, and a display apparatus. The display substrate includes a first display region and a second display region within the first display region, wherein the first display region includes a plurality of emitting units, and the second display region includes a plurality of electrophoretic units, the plurality of emitting units are configured to realize display, and the plurality of electrophoretic units are configured to realize switch between a display state and a transparent state.