A display substrate (910), including a flexible substrate body, a thickness adjustment layer (71), and a micro-lens layer (72). The flexible substrate body includes: a plurality of island-shaped display regions (100) spaced apart from each other, a hollow region (300) disposed between adjacent island-shaped display regions (100), and a connection region (200) for connecting the adjacent island-shaped display regions (100). The thickness adjustment layer (71) is disposed on light exit sides of the plurality of island-shaped display regions (100) of the flexible substrate body. The micro-lens layer (72) is disposed on the side of the thickness adjustment layer (71) away from the flexible substrate body.