A flexible substrate, a method of manufacturing a display substrate, and a method of manufacturing a display panel. A spinning device is filled with a source solution, and a carrier substrate is arranged such that the spinning device faces the carrier substrate. An electric field is formed between the spinning device and the carrier substrate by supplying a power to the spinning device and the carrier substrate, and a nano-fiber is formed by spraying the source solution toward the carrier substrate. A flexible substrate is formed on the carrier substrate by coating a polymer resin on the nano-fiber, a plurality of display cells are formed on the flexible substrate, and then a display substrate is formed by separating the carrier substrate from the flexible substrate.