A display substrate includes a base substrate, a high reflective layer, a metal light reflective layer and a low reflective layer. The high reflective layer is on the base substrate, and includes a high refractive layer and a low refractive layer which alternate with each other. The high refractive layer has a first refractive index, and the low refractive layer has a second refractive index smaller than the first refractive index. The metal light reflective layer is between the high reflective layer and the low reflective layer, and reflects a light. The low reflective layer comprises a light absorbing layer which absorbs a light, and at least one insulating layer. Accordingly, a light utilizing efficiency and a display quality may be increased.