The disclosure provides a displaying substrate, a manufacturing method thereof, and a display panel, and relates to the technical field of display. The displaying substrate comprises a first supporting base (1), plurality of vibrating element modules (2), and a display module (3). The display module (3) comprises display units (31), connecting units (32) and hollowed-out units (33). Each connecting unit (32) is located between two adjacent display units (31). Each hollowed-out unit (33) is located between two adjacent display units (31) except an area where the corresponding connecting unit (32) is located. The hollowed-out units (33) are provided with cavities (40) corresponding to the vibrating element modules (2). Orthographic projections of the hollowed-out units (33) on a reference plane cover orthographic projections of the vibrating element modules (2) on the reference plane. The vibrating element modules (2) and the cavities (40) form a transducer.