A display substrate includes a backplane, first light-emitting devices capable of emitting first color light, second light-emitting devices capable of emitting second color light that are all disposed on the backplane, a low-refractive-index intercalation layer disposed at a side, away from the backplane, of the first light-emitting devices and the second light-emitting devices, and an encapsulation layer. The encapsulation layer includes a first inorganic barrier layer, a first organic barrier layer and a second inorganic barrier layer that are sequentially stacked on a side of the low-refractive-index intercalation layer away from the backplane. A refractive index of the low-refractive-index intercalation layer is less than a refractive index of the first inorganic barrier layer. In a direction perpendicular to the backplane, a transmittance of the low-refractive-index intercalation layer to the first color light is less than a transmittance of the low-refractive-index intercalation layer to the second color light.